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Goldman Sachs to Launch its own Cryptocurreny

Wall Street firms’ increasing focus on digital currency technology has been reiterated yet again with the latest development from The Goldman Sachs Group, Inc. (GS - Analyst Report). The New York- based brokerage giant has filed a patent application with the US Patent & Trademark Office (USPTO) – Cryptographic Currency For Securities Settlement – for a new cryptocurrency called SETLcoin.

According to the patent application that was published recently, executives Paul Walker and Phil J. Venables have been named as inventors of the system.

As a digital medium of exchange, a cryptographic currency allows distributed, fast, secure, confirmed transactions for goods and services. While Bitcoin was one of the first cryptographic currencies that caught attention in 2009, several other cryptographic currencies are currently available including Novacoin, Namecoin, Feathercoin, and Dogecoin.

The patent application revealed that Goldman’s technology offers a virtual multi-asset wallet representing traditional securities and cash account for an individual, investor, or trader. The wallet has technology to generate, control, and store SETLcoins, for the purpose of exchanging assets such as stocks, bonds and cash or cash equivalents through peer-to-peer network.

Usually a trader trades securities by meeting at an exchange with cash for security and then the related settlement between parties occurs after much delay, sometimes after several days since the transaction. Further, the trader bears all the associated credit risk within that period.

However, Goldman’s technology facilitates settlement at a much faster pace and minimizes risk. The application filing mentioned “settlements are nearly instantaneous because cryptographic currency transactions are independently and extemporaneously generated, verified, and executed within the network, without the risks associated with traditional clearing houses that can delay settlements for several days.”

Last modified on December 03, 2015
JAVC Enterprise

Headquartered in Margate, Florida, JAVC Enterprise Corp (JAVC) is the creator of the Java Coin, a cryptocurrency (a form of digital money). While maintaining privacy of customers, JAVC utilizes proprietary techniques to verify ownership of coin holders, secure and monitor transactions, trace and track identities of senders and receivers, maintain all record keeping efforts, protect coins from theft, maintain liquidity and stabilize value of the cryptocurrency.

Website: www.javcenterprisecorp.com/