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Goldman Sachs Catching Up To Competitors With a $100 Million Trading Platform

Goldman Sachs isn’t exactly the first name you think of when you hear cryptocurrencies. In fact, considering the company is more of an investment bank than anything else, you’d probably expect them to stand against the digital assets as much of Wall Street and related companies did toward the beginning of Bitcoin’s rise. But, believe it or not, Goldman Sachs actually recently gave the go-ahead for investors to buy into the world’s first digital asset.

However, they’re not exactly ahead of the curve when it comes to cryptocurrencies and blockchain technology. Goldman Sachs, despite the rumors of them starting their own coin like JP Morgan, have taken till around now to upgrade their trading technology, reports The Block.

Speaking on the publication’s podcast, The Scoop, R. Martin “Marty” Chavez, one of the company’s senior technologists, spoke about being late to the market, but it could work out for them in the long run.

“I would say that we were late. I don’t know about too late, the world is always changing and there’s a continuous dynamic in any technology,” says Chavez.

Now, Goldman Sachs is spending close to $100 million to provide a better trading platform. Could there be some blockchain technology involved? What sort of back-end do they have going on?

“There’s an opportunity right now in 2019 to do this and in a completely modern way. And so we’re excited about it and we made it a priority,” Chavez states. Maybe we’ll find out more soon.

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Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend. LinkedIn: https://www.linkedin.com/in/maxwell-moeller-912044b4/