There Won’t Be a 'Goldman Sachs Coin' Anytime Soon

The banking giant said last year that it was looking into creating its own cryptocurrency.

AccessTimeIconJan 27, 2022 at 7:39 p.m. UTC
Updated Jan 27, 2022 at 9:38 p.m. UTC

Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University's business and economic reporting program.

Goldman Sachs is not currently planning on issuing an in-house digital token.

“We have no immediate intention of creating a Goldman Sachs coin,” a spokesperson told CoinDesk.

However, the New York-based bank is working with private partners on creating a stablecoin.

“We continue to see value working closely with private institutions looking to create a ubiquitous stable coin that meets legal/regulatory requirements and has transparent governance,” a spokesperson said.

In 2020, Goldman’s digital asset global head Matthew McDermott said that the bank was contemplating its own cryptocurrency, possibly a stablecoin. He also hinted at a potential collaboration with social media giant Facebook (now known as Meta) or with banking rival JPMorgan, which launched its own in-house token, JPM coin, in 2020.

JPMorgan's token was created to serve the bank’s corporate clients holding their U.S. dollar deposit accounts on a blockchain. Earlier this month, the coin was successfully used in a trial by the central bank of Bahrain.

Meanwhile, Meta has reportedly given up on its beleaguered Diem stablecoin project and is on the hunt for buyers of its assets to pay back investors, according to a Bloomberg story published Tuesday.

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Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University's business and economic reporting program.

CoinDesk - Unknown

Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University's business and economic reporting program.