Goldman Sachs has plan for investment banks to issue their own currency

Section:

Goldman Sachs Files Patent for Virtual Settlement Currency

By Jennifer Hughes
Financial Times, London
Thursday, December 3, 2015

Goldman Sachs has made a patent application for a cryptocurrency settlement system in a move that underlines bank hopes that the architecture behind bitcoin can revolutionise global payments.

The application for a new virtual currency, dubbed "SETLcoin" by the bank, said it would offer "nearly instantaneous execution and settlement" of trades involving assets including stocks and bonds.

Banks have been racing to tap the power of blockchain -- the ledger system that backs digital currencies such as bitcoin. Harnessing the technology has been likened to the changes wrought by file transfer systems on the music industry, or to the effect that email had on communication.

Although electronic dealing platforms have increasingly made front-office trades virtually instantaneous, the actual swapping of payments often still takes days, creating risk in the banking system. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/2/b0d8f614-997c-11e5-9228-87e603d47bdc.html



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