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.

7 European Union Member States Sign Declaration in Support of Blockchain Technology

Lately, Europe has been gaining traction within the blockchain industry. According to a report published by the Financial Times on December 4th, seven southern European Union member states have released an announcement seeking help in promoting the use of Distributed Ledger Technology’s (DLT) in the region.

It seems that the declaration has been initiated by Malta during a meeting of the EU transport ministers in Brussels on Tuesday, and has been respectively signed by six other member states such as France, Italy, Cyprus, Portugal, Spain and Greece.

The countries involved in this scheme have stated that DLT, one type of which is based on blockchain technology, could be a “game changer” for southern EU economies. Subsequently, the declaration indicates several services which could be revamped under the distributed technology ledger such as education, transport, mobility, shipping, Land Registry, customs, company registry, and healthcare.

Notably, the group aims for a more efficient bureaucratic process and making use of the blockchain technology to its best abilities in order to protect the citizens’ privacy.

The report further denotes that DLT has potential beyond the digital government services, citing that “this can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better customs collection and better access to public information.”

Not long ago, mid-November, Benoit Coeure – member of the Executive Board of the European Central Bank- boldly stated that he believes Bitcoin (BTC) to be the “evil spawn of the [2008] financial crisis.”

However, in the same month, banking groups BBVA and Banco Santander have joined the EU International Association for Trusted Blockchain Applications (IATBA), which is set to be launched witihn the first quarter of 2019 and aims to develop blockchain infrastructure and standards.

Despite the reservations on the behalf of some people in relation to blockchain technology, Europe is steadily and continuously preparing the groundwork for future implementation of blockchain at an institutional level.

Malta has already taken several initiatives toward becoming a “Blockchain Island.” Back in June, the nation’s parliament passed three cryptocurrency and blockchain related bills, and have since been attracting notable crypto businesses to set up shop.

While the EU has not yet moved to regulate blockchain technology across the region, it has launched initiatives aimed to investigate and trial the tech.