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It’s official — the new chief executive of Goldman Sachs will be the firm’s current chief operating officer David Solomon, who last month said the New York investment bank is looking in to adding further bitcoin and cryptocurrency services to its portfolio.
According to Solomon, Goldman Sachs is already offering clients publicly-traded derivatives tied to bitcoin but in an interview with Bloomberg he said the bank must “evolve its business and adapt to the environment.”
“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously,” said Solomon. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
Circle, a payment startup owned by Goldman Sachs, announced yesterday that it’s launching a new cryptocurrency called the Circle USD Coin. The new currency is basically a digital version of the dollar that you’ll be able to purchase by trading in, you know, real money.
The USD Coin is the first cryptocurrency released by a major financial institution. While this sort of goes against the whole point of decentralized and distributed cryptocurrencies like bitcoin, Goldman Sachs and Circle hope to bring some stability to the cryptocurrency market, which has crashed and rebounded an exhausting number of times this year alone.