New Job Ad Confirms Goldman’s Crypto Plans

A fresh job listing from investment bank Goldman Sachs reveals intentions to pursue digital asset development.

Goldman Sachs has reportedly launched a new crypto-related business within its incubator, and it is looking to go further than ever before with digital assets.

The job ad is for a Digital Asset Project Manager which will lead the new business. The executive level position will be responsible for developing comprehensive road maps for distributed ledger technology that will “play an integral role in helping define both the scope and direction of the business,” according to the job posting.

CEO David Solomon has previously stated that the bank is looking for opportunities to enter the cryptocurrency space. He made specific reference to stablecoins and asset tokenization, as the direction in which the payment system will go.

The open position is part of the firm-wide initiative, which aims to cross-pollinate different bank divisions to drive innovation and growth. The project manager will consult with the firm’s businesses, risk, operations, compliance, legal and finance teams to develop “unprecedented projects.”

Although details for the job position are limited, Goldman is presumably looking to launch something similar to JPMCoin, which is JPMorgan’s digital asset aimed at simplifying international transactions between itself and its wholesale clients.

Goldman has been on the fringes of the cryptocurrency industry for a while. In 2018, the bank considered to create a cryptocurrency fund and provide secure storage services. At the time, some speculated the move would direct Goldman Sachs towards providing other custodial services, such as a brokerage.

Around that time, Goldman Sachs and Morgan Stanley also became the first banks to use a blockchain-based payments service developed by IBM and CLS, a currency trading utility. Currently the firm is trading non-deliverable forwards tied to Bitcoin.