Goldman Sachs CEO backs efficiency of blockchain technology

What

Goldman Sachs Chief Executive spoke of the potential of blockchain technology to disrupt financial infrastructure in a recent interview

Why

This commentary marks the latest in the bank’s attempt to understand and meet customer’s demands for crypto 

What next

Despite being a legacy bank, Goldman Sachs continues to believe that Bitcoin and Gold can co-exist which stands in stark contrast to its industry peers

The story

In an interview with CNBC, David Solomon, Chief Executive of Goldman Sachs outlined his stance on the technology that drives cryptocurrency.

Speaking to CNBC’s Squawk Box host Andrew Ross Sorkin, Solomon said he is a “big believer that blockchains give us the great latitude to really evolve that infrastructure.”

The chief executive explained that he has a lot of interest in any technology – be it blockchain or any other yet to be developed that will make payments and movement of funds more efficient. 

However, he also noted that crypto, with its current regulation challenges, is limited in what it can accomplish. The US Investment bank made headlines earlier this month by issuing the first Bitcoin-backed loan.

To learn more about blockchain and Bitcoin, visit our learning resource here.

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