Goldman wins patent for its own cryptocoin technology..what could go wrong?
Zero Hedge | July 17, 2017
http://www.zerohedge.com/news/2017-07-17/goldman-wins-patent-setlcoin-technology
Goldman Sachs has clinched an important victory in its race to transition from a stodgy investment bank into a fintech powerhouse: it was awarded a patent for its proposed "SETLcoin" cryptocurrency settlement system, according to CoinDesk, the first to report on the patent.
“The US Patent and Trademark Office (USPTO) published Goldman's patent on July 11, entitled "Cryptographic currency for securities settlement". The bank made headlines when the existence of the patent application was revealed in late 2015.”
The concept envisions a system for settling securities trades using cryptocurrency instead of cash or other cash equivalents. When filed in December of 2015, the application notably outlined methods for exchanging SETLcoins for digitized stocks for firms like Google and Microsoft, as well as cryptocurrencies, naming bitcoin and litecoin in particular, as CoinDesk explains.