Goldman Sachs Is Eying To Launch A Cryptocurrency!

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In recent French news, Goldman Sachs CEO, David Solomon, revealed that the company is looking into developing its own cryptocurrency, like JP Morgan Chase. Also, the company is researching asset tokenization and stablecoins as such.

Recently a French news source Les Echos did an interview with the CEO of Goldman Sachs, asking him about cryptocurrencies and the companies plans regards them. He revealed that they are working on and researching asset tokenization and stablecoins in general. They are looking at JP Morgan Chase’s version of a cryptocurrency and they “absolutely” would follow in launching a similar cryptocurrency.

“Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins and frictionless payments,” he commented.

He believes that that is the direction in which the payment system will go, hence stablecoins and asset tokenization. With an emphasis on “he believes”. Solomon commented this while he was asked to comment on the Facebook Libra project, which he refused, but answered: “I find the principle interesting.”

Crypto Regulation Is Coming

When asked about cryptocurrency regulation, he said that “a change is coming for sure”. What does he mean by that, we can only guess. It’s been already known for quite a while that multiple G-20 meetings have discussed the regulation of cryptocurrencies, but with no outcome. Possibly, this time they want to put a final decision on this issue.

“I think regulators around the world are watching what’s going on. They wonder how it will work and are very attentive to payment flows,” Solomon explained.

It is funny how companies quickly change their mindsets. Just recently in January, JPMorgan Chase said that crypto would only have value in a dystopian economy. Now they are in the works of launching their JPM Coin. It will run on Quorum which is a private version of Ethereum. The bank developed it in conjunction with EthLab. The main intent for this bank-like crypto is to settle portion of transactions between clients of its wholesale payments business. JPMorgan revealed that they are beginning tests with clients earlier this week.

Well not much for the banks, but this rather shows more about the great and interesting future we have ahead of us. Banks with these moves have acknowledged cryptocurrencies as such in the eyes of people who are not familiar with this matter. Payment systems will change, banks will try to offer something similar to cryptocurrencies, but eventually, people will realize – why do we need third parties, if we can do everything peer-to-peer?

Source:

https://www.coindesk.com/goldman-sachs-ceo-hints-bank-might-launch-jpm-coin-like-crypto

Photo by Wikimedia Commons

Binance Wants To List Libra And Be Part Of The Libra Association

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Judging by recent news, it appears that Binance is in talks with Facebook about either listing Libra or joining the Libra Association. Binance’s CSO, Gin Chao, confirmed that the exchange has had discussions with Facebook about a listing process.

Recent news shows that Binance is in the talks with Facebook’s Libra project. Binance CSO Gin Chao commented that “discussions have taken place with Facebook”. The exchange wants to list Libra once the project goes live. However, Gin Chao also said that Libra will be built on a private blockchain, thus it won’t need any external liquidity, but he speculated that Facebook may desire a secondary market as well.

“Currencies benefit from a secondary market, so it would be in their best interest to want to be listed,” he explained.

Gin Chao is a former corporate development executive for NBA and DELL.

Binance Thinking About Becoming A Libra Node

In addition, Binance is also thinking about becoming a Libra node. Facebook reportedly has announced the Libra Association in which, at the moment, are 23 high-ranking companies which will all act as a permissioned node which validates transactions. Companies like Uber, Visa, Lyft, and eBay have already committed to that role.

Altogether there will presumably be 100 nodes, hence the 100 companies by the time of launch. Binance has shown interest in becoming one of the nodes. However, to become a node, Facebook charges $10 million per piece.

While the final decision is yet to be made, Gin Chao said that Binance is “definitely considering” to become a node.

“We’re definitely considering it. And so, we would like to throw our hat in the ring. Whether or not we will become one, we’ll see,” said Chao.

Moreover, Gin Chao commented on the Libra Project as such saying:

“It’s a good thing, for sure. Any time a company with the weight, size, resources, and impact of Facebook gets involved, it validates both blockchain and then, in this particular case, cryptocurrencies specifically. So whether or not Libra becomes incredibly successful, it’s already a good thing,” further adding: “It’s good that it’s taking a global perspective. There’s going to be the US dollar and a basket of other currencies. […] So I think that they have that part philosophically correct, as far as a stable coin goes.”

Binance Coin Price

In the past week, surprisingly, the price of Binance Coin has actually fallen. This might be due to the fast Bitcoin price rally. Basically, all altcoins were falling in terms of Bitcoin price, and only a few were able to break out of the pattern. Binance started the week with almost touching the $40 mark, but failed to reach it. After that, a continuous price decline has happened, and the price of BNB now sits at $34. However, considering the Year To Date time frame, Binance started the year with $5, and look where it is now. All-in-all, one of the best altcoin investments this year.

Source:

https://www.coindesk.com/binance-talking-to-facebook-about-libra-listing-becoming-node-reports
https://cryptopotato.com/exclusive-binance-considering-to-a-become-facebooks-libra-node/
https://coinmarketcap.com/currencies/binance-coin/