The global financial services landscape is evolving rapidly. To maintain an edge, firms are increasingly looking at blockchain. Now, Wall Street giant Goldman Sachs is researching the tokenization of assets as part of its innovation strategy.





Goldman Sachs CEO, David M. Solomon, told the French newspaper Les Echos that his company has been “conducting extensive research” into blockchain-powered tokenization.

In an interview that covered topics such as the outlook on the global economy, current asset valuation prices in the stock and private equity markets, and Brexit, Solomon divulged his bank’s interest in the development of digital currencies, blockchain, and tokenization.





Goldman acknowledges the power of tokenization





Solomon said that Goldman Sachs is following the developments of blockchain-powered stablecoin proposals such as Facebook's Libra and JPM Coin very closely. Solomon believes that blockchain will likely play an integral role in payments in the future and wants to ensure that his bank is not left behind.









He stated that regulations will need to adjust to the technological innovation before these new payment technologies will take off at a large scale and that it is too early to say which stablecoins or blockchain payment platforms will prevail given that this technology is still in its infancy. “Whether Facebook is this platform, or it is one of the other fifty that people are watching that will make the most progress, I can not tell you,” he said.





When asked whether he thinks that banks could disappear as a result of technology companies disrupting the financial industry, he responded with “no.” Solomon acknowledges that banks will need to evolve to remain competitive in the fast-changing banking landscape and that an increased focus on technology is imperative. Read More at BraveNewCoin...

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