The Patent Confirmation
The United States Patent and Trademark Office (USPTO) has officially confirmed Goldman Sachs’ patent for its revolutionary SETLcoin, a cryptocurrency-derived system designed to settle securities. Goldman Sachs now holds exclusive rights to operate this innovative mechanism, initially applied for in October 2014.
Understanding SETLcoin
This system not only utilizes cryptographic currency technology but also promises near-instantaneous settling of securities, minimizing the risks and delays widespread in traditional settlement processes. In simple terms, Goldman Sachs is trying to turbocharge financial transactions, making them as fast as texting your friend an emoji.
Why Create In-House Cryptocurrencies?
In a survey conducted by Cointelegraph, various responses emerged on why institutions, including Goldman Sachs, venture into creating their own cryptocurrencies. While many cited the need to remain relevant amid fast-changing markets, a significant portion believed it was more about exercising control over an evolving financial landscape. The urgency to keep pace with innovation while maintaining a handle on processes reflects a dilemma faced by many established financial players.
Questions Surrounding SETLcoin
As intriguing as the SETLcoin concept may be, the specifics regarding its centralization model and malleability are still hot topics of debate. Will it be fully centralized like a big ol’ corporate bank, or will it offer decentralized benefits akin to Bitcoin? Until clarifications are made, it’s a guessing game worthy of a Wall Street thriller.
Goldman’s Bullish Outlook on Bitcoin
In the midst of these developments, Goldman Sachs is showing considerable optimism regarding Bitcoin’s price trajectory, with head of technical strategy, Sheba Jafari, predicting a potential rise to $4,000 by the end of 2017. This bullish outlook places Goldman at the intersection of mainstream financial services and cryptocurrency innovation, creating a fascinating narrative for investors and fans of both worlds.
