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Goldman Sachs Eyes Own Cryptocurrency
Traders Magazine Online News, June 4, 2018
The first Wall Street brokerage house is fully embracing the crypto wave and creating its own currency.
It was only a matter of time but Goldman Sachs has been reported to be bringing its own tokens. As first reported in marketMogul, Goldman Sachs backed Circle just announced that through CENTRE – its open source framework - will issue their own Circle USDC (US dollar coin) which is going to be pegged to the US dollar one-to-one and will be made available to the general public for everyday buying of goods and services. Circle coins can be used from your crypto wallet to purchase goods and services.
This follows the white glove broker’s earlier establishment of a crypto trading desk.
The move to create a token could be taken to mean that larger institutions such as Goldman and Morgan Stanley are de facto acknowledging the viability and longevity of crypto currencies and are attempting to get a foothold in the nascent market.
marketMogul added in its own report that it is not clear how Goldman Sachs/Circle will monetise their USD Coin issuance other than via their wholly owned subsidiary CENTRE and service provider interface, which will be necessary in order to participate in the network and earn fees from the services that they will provide to the transacting network members.
“Furthermore, it appears that Circle is prepared to forego big profits (at least in the beginning) in the search for market share and wide-scale adoption. And more importantly, Circle is stating that eventually and in due time, CENTRE will be made a completely independent entity, governed by its members,” marketMogul reported.
For the full marketMogul story, please click here
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