Goldman Sachs Seeks Patent on SETLcoin Virtual CurrencyGoldman Sachs is developing a virtual currency system that aims to revolutionise securities transactions, according to a US patent application filed by the Wall Street investment bank.
The technology, named SETLcoin, would transform the securities "clearing" system, where an intermediary reconciles and alters terms between buyers and sellers of stocks, bonds, and other financial investments before money changes hands.
While today's high-speed technologies allow orders to be taken at a rapid-fire pace, clearing can still lengthen transactions by days, Goldman said in a November 19 filing to the US Patent & Trademark Office. That delay increases the risk the transaction will fail.
Goldman's SETLcoin system creates the opportunity "to substantively instantly settle securities... without the risks associated with traditional settlement technologies," Goldman said in the patent applications.
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