Goldman Sachs Circles Banking
Bank of America and J.P. Morgan Chase have listed cryptocurrency among their "risk factors" in their latest annual reports. People, blockchain/cryptocurrency is real but not necessarily as a means of payment. Denying the trajectory could be likened to the CEO of Sears who dismissed Amazon when it started in 1990s. Sear is about done while Amazon is marching to the $1 trillion of value glory.
"Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation."
We have known that for a while now: banks ignore blockchain at their own peril. The big news is that Goldman Sachs has gone full ahead to actually bet on blockchain and its applications. UK-based Circle which is backed by Goldman Sachs is buying a cryptocurrency exchange, Poloniex. Poloniex offers an ecosystem to trade digital tokens.
Essentially, no matter what the regulators are thinking, Goldman Sachs has got a leg in the game. The era of an instant, massively affordable, and borderless means of payment for the masses is just around the corner. Circle is one of the companies leading on peer-to-peer payment using blockchain in the world. This acquisition is positioning it as a diversified leader.
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And it goes beyond payment: luxury car maker, Porsche is introducing blockchain to help in managing temporary car access authorizations and data sharing across vehicles. This thing called blockchain is certainly going to be disruptive.
