Goldman Sachs moving forward to launch its own stablecoin

Goldman Sachs has recently announced that they may follow the footstep of JP Morgan Chase to launch its own USD backed stable coin. CEO of Goldman Sachs, David Solomon, in an interview with French news outlet Les Echos revealed that the company is doing extensive research on the concept of tokenization the assets to take part in the crypto disruption of finance. Goldman Sachs has the plan to launch its own digital currency but the firm is quite not sure about what exactly the coin will do and hence, Goldman Sachs is looking for the right person to carry out the operation.

The block, a blockchain and cryptocurrency news outlet has recently identified that the company has launched a new crypto business within its incubator, and it is looking to go “further than ever before” with digital assets. The block found the information from the new job listing which revealed that the company is looking for a Digital asset project manager. According to block, the new operations will be quite different from their existing services of trading crypto derivatives. The company is aiming to explore new ways of utilizing the digital assets for banking purpose to facilitate customers seamless and cost-effective transactions.

“Project managers on the Digital Asset team will play an integral role in helping define both the scope and direction of the business,” a new job ad for a Digital Asset Project Manager said. “In short, we’re evolving, and looking for some of the most talented individuals in the world to help us go further than ever before.”

Apart from the new job ad, insiders of the company have also revealed that Goldman is planning to set up something similar to JP Morgan’s JPM coin to simplify the international transactions between itself and its wholesale clients. Goldman’s digital asset is definitely going to be the key rival for JPM coin.

Talking about the new team which will be incorporated by Goldman Sachs, the block noted: “As for the new unit, it sits in Goldman Sachs’ Accelerate team, according to the memo. The new employee (or employees) would report to Justin Schmidt, who leads the bank’s digital asset unit.”

Goldman Sachs had previously been in rumors (during the Bitcoin boom in late 2017) which said that the company was preparing to launch a full-blown trading operation tied to bitcoin. Going through current crypto services offered by the company, the spokesperson at Goldman Sachs said that “the firm is trading non-deliverable forwards tied to bitcoin, but volumes have been relatively muted.”

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