Goldman SachsGoldman Sachs image has filed a patent application for a cryptographic currency called SETL Coin to be used for securities settlement. The application, which signifies the New York-based global bank’s growing interest in cryptocurrency, has been filed with the U.S. Patent & Trade Mark office. Paul Walker and Phil J. Venables, both of New York, N.Y., are listed as the inventors.
The technology provides a virtual, multi-asset wallet for a traditional cash and securities account for an investor or trader. The technology facilitates transactions between non-virtual wallets and a virtual wallet and vice versa on the same peer-to-peer network.
A trader using the wallet no longer trades securities by meeting at an exchange and indicating cash for security and bearing the associated credit risk while settling the transaction, which can take seconds, hours or days.
https://www.cryptocoinsnews.com/goldman-sachs-files-patent-securities-settlement-cryptocurrency/
