Goldman Sachs, one of Wall Street’s renowned companies, closely follows blockchain technology. The firm will tokenize financial assets.
Wall Street giant will tokenize financial assets
Blockchain technology continues to transform the financial and banking sector. Goldman Sachs, a Wall Street giant, plans to digitize and tokenize financial assets as an innovation strategy.
Solomon said that they are closely following Facebook’s Libra and stable coin projects, such as JPM Coin. He stressed that blockchain technology will play important roles in the payments industry in the future and they do not want to fall back on this issue.
Solomon said this technological innovation will be regulated before it can be used on a large scale. It is difficult to decide which blockchain platforms and stable coin projects will prevail in the future.
When asked if this new technology will erase the banks from the market, Solomon replied with a simple: “No.”
Solomon believes that companies like Facebook will not want to enter the banking sector, which has strict financial audits.
Solomon claims that Goldman Sachs is one of Wall Street’s leading companies. For these reasons, Goldman Sachs argues that other banks would follow Goldman Sachs if they entered the blockchain industry. Finally, Solomon concludes:
Banks must remain innovative, otherwise they will disappear.