Why Goldman Sachs, Other Banks Develop Cryptocurrencies
Why banks joined the cryptocurrencies race? To stay relevant, match up to competition, exercise control or defeat existing crypto?
According to the Cointelegraph twitter quiz, over 46% of participants think that banks develop their own cryptocurrencies so they can exercise control.
In a patent application filed October 30, 2014, but published only recently, Goldman, Sachs & Co. has made a claim of having developed a new cryptographic currency called SETLcoin that will be held in electronic wallets.
Whole article is here:
https://cointelegraph.com/news/why-goldman-sachs-other-banks-develop-cryptocurrencies
People in industries like that need to be seen as useful due to corporate layoffs. Thus they must be seen as useful, creative and as a company asset . . .
Remember these people are humans and as such they get lonely, the need for attention, relationship networking and corporate bonding are essential to good mental health and career prospects ! ! !
Thus the need for meetings were invented and people will not schedule in a meeting time unless there is some expected agenda beside free food.
In short it is probably amazing it took so long for one of the conservative financial faces to join the cryptocurrency revolution. My opinion is that the person who created this idea spent many many months; not in its development but to ensure they were not committing career suicide pitching this plan to the corporate establishment.
After all financing is about making money safely the way they usually do, it is not about taking new unknown risks : )
/ hugz ; )