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Goldman Sachs’ SETLcoin patent has won approval from US regulators, paving the way for its own cryptocurrency.
Bitcoin,Goldman Sachs,Cryptocurrencies,Security,Bitcoin Price,Sheba Jafari
The US Patent and Trademark Office (USPTO) has confirmed Goldman Sachs’ patent for its SETLcoin cryptocurrency-based securities settlement system.
According to a confirmation document issued this week, Goldman is now the exclusive operator of such a mechanism, the firm had originally applied for the patent at the end of October 2014.
“The described technology concerns one or more methods, systems, apparatuses and mediums storing processor-executable process steps to substantively instantly settle securities, based on cryptographic currency technology, without the risks associated with traditional settlement technologies,” the description of the SETLcoin system reads.
While still under consideration, Cointelegraph ran a survey asking readers why institutions such as Goldman choose to create in-house cryptocurrencies.
Responses included the need to “stay relevant” as markets change, though most respondents decided the underlying motivation of such schemes was a need to “exercise control.”
The exact nature of SETLcoin remains to be seen in terms of its centralization model and ease of malleability.
Goldman has meanwhile been bullish on Bitcoin price this year, head of technical strategy Sheba Jafari noted earlier this month, forecasting a $4,000 level later in 2017.
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