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HomeNewsGoldman Sachs CEO Hints At A ‘JPM Coin’-Like Cryptocurrency Launch

Goldman Sachs CEO Hints At A ‘JPM Coin’-Like Cryptocurrency Launch

David Solomon, the CEO of Goldman Sachs hints that the firm may join the crypto disruption of finance at an exclusive interview with French news source Les Echos on Friday.

Soloman suggests that the bank “absolutely’ can follow JPMorgan Chase path and launch a cryptocurrency. The CEO further adds that Goldman Sachs is doing “extensive research’’ on asset tokenization and stablecoins. Solomon continued:

“Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins and frictionless payments.”

When asked about their potential involvement with Facebook’s Libra cryptocurrency project, Solomon refused to comment on the topic. However, he added that “I find the principle interesting.” As per him, Tokenization and stablecoins are “the direction in which the payment system will go.”

Though, the CEO added that it is too early to predict which of the platform might ultimately win. Solomon also shared his thoughts about crypto regulation, suggesting that a change is coming, “for sure.” He added:

“I think regulators around the world are watching what’s going on. They wonder how it will work and are very attentive to payment flows.”

In what could be called a contradictory approach, JPMorgan announced its plan for introducing a cryptocurrency of its own, after bad mouthing the technology for months. In fact, just a month before the announcement, the firm stated that cryptocurrencies would only have value in a dystopian economy in January.

JPM Coin will initially run on top of Quorum, the private version of ethereum the bank developed in conjunction with EthLab, and could be used to settle a portion of transactions between clients of its wholesale payments business in near real time. CEO Jamie Dimon stated in an interview recently that he does not see cryptocurrency as a potential threat to the firm’s core business.

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