Investment bank Goldman Sachs has been awarded a patent for its proposed "SETLcoin" cryptocurrency settlement system.
The concept envisions a system for settling securities trades using a built-in cryptocurrency. When filed in December of that year, the application notably outlined methods for exchanging SETLcoins for digitized stocks for firms like Google and Microsoft, as well as cryptocurrencies, naming bitcoin and litecoin in particular.
Here's how Goldman describes the system:
Goldman's patent application was initially filed in October 2014. Paul Walker, co-head of the bank's technology division, and Phil Venables, chief information risk officer for Goldman, are listed as inventors.
A representative for Goldman did not immediately respond to a request for comment.
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