Goldman Sachs is now hiring a cryptocurrency project manager according to the latest reports that we have here in our altcoin news today. The company wants its new manager to lead the development of Distributed Ledger technology.
The Open Vice President and executive director level position will be responsible for developing comprehensive road maps for the distributed ledger technology so the new project manager has to manage the Goldman Sachs engineers in order to create a distributed ledger project. The company denied the rumors at the start of this year that the investment bank is planning to open a crypto trading desk. The rumor has persisted ever since a Bloomberg report from 2017 emerged. The CEO of Goldman Sachs David Solomon put the rumors to rest in a statement back in April.
“That Bloomberg article was not appropriate. Like others, we are watching, plus doing work to try and understand the cryptocurrency marketplace as it develops. We have some clients that have certain functionality that we’ve engaged with on clearing physically-settled futures. But other than that, we never had plans to open a cryptocurrency desk.”
However, since Goldman Sachs is now hiring it looks like the legacy of the finance giant is more interest into creating their own cryptocurrency rather than helping clients invest in other cryptocurrencies that are already out there. Now that the social media giant Facebook is making a massive entry into the finance industry, maybe Goldman is now taking the threat seriously.
Briefly, before Goldman Sachs announced last year that Solomon will be replacing Lloyd Blankfein as CEO, Solomon noted that the company is looking at bitcoin but will proceed with caution:
“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
As noted in the latest cryptocurrency news, at this stage of crypto market adoption, the legacy finance industry will be in huge trouble unless it makes a bold move. Even social media companies are now a threat to the finance industry’s profits.
Robinhood App To Launch A Cash Management Account Soon
"We’re going to come out with a cash management account soon."This feature was previously launched and discounted in 2018. The very existence of cryptocurrency already is considered as a threat to traditional banking because it is decentralized. When a decentralized financial system is trying to integrate a fintech platform such as the Robinhood App, the banks become very scared. The big banks are trying to use a policy that will slow adoption of such technologies or by creating their own alternatives. The launch of the new feature was scheduled now because the regulators pointed out that there is effectively offering an unregulated bank account that has no deposit insurance as it is required in the States. This time, the company has prepared a legacy investment banking establishment which aims to disrupt the business model. The approach seems to be innovative and disruptive. After the retraction in December, Robinhood now aims to prove that the new product is not a real bank account but rather a cash management tool that is embedded in the customers’ already existing brokerage accounts. It is very important to make this distinction because of regulator reason but this is more than just making clear because the new service still has the ability to replace a traditional banking account. The Robinhood app company has not been shy about sharing its plans to create a new investment paradigm which is focused on bringing many new retail investors. As noted in the latest cryptocurrency news, Robinhood also applied for a federal bank charter so in the long term, the goal is to disrupt the entire banking system as a whole. The banks have a lot to lose since many crypto companies are trying to develop a distinctive product that will attract retail investors and people who want to use decentralized platforms.
Etoro CEO Yoni Assia Will Join The $4.5 Million Lunch With Warren Buffett
‘’Would love to join as well ! I believe there is huge potential for social impact that can be done via #Crypto and would love to have @WarrenBuffett engaged with us !’’With his major experience in the finances and business, Assia brings a whole lot of the table. The Israeli investor and businessman revolutionized the world of trading with his platform because he got to millions of users closer to the financial markets with the social trading strategies. Etoro has managed to raise more than $800 million in investments. Another guest that will be joining the lunch is the head of the Binance charity Foundation-Helen Hai. So far, Justin Sun invited the Huobi CEO Livio Weng, Litecoin’s creator Charlie Lee. Circle’s Jeremey Allaire and Binance’s Changpeng Zhao. The only person who declined to go to the lunch is Changpeng Zhao saying that New York is too far but he recommended inviting Anthony Pompliano instead. Many argued that Sun made a great decision when he chose his companions but others criticize the excess of people that come from the trading world and also that there are no Bitcoin advocates here. It is also weird that the people who are invited are an only crypto evangelist who could lead Buffet not to find any common ground on the subject on the crypto ecosystem. Some even believe that it would be a great idea to invite some institutional investors as well. Some of the names that were proposed by the community include Tony Vays, Andreas Antonopoulos and Vitalik Buterin. There is still a chance that Sun could invite these people but so far, nothing. As noted in the altcoin news before, the subject of conversation during the meal is still not set. It is expected that much of the discussion will revolve around business associated with the speculation of digital assets and the crypto markets security.
Coinbase Closes Its Bundle Product After 8 Months On The Market
‘’Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.’’Coinbase Bundles were meant to provide the investors with a diversified digital asset portfolio which could be dollar-cost averaged by using the same tactic that the investors use in traditional asset classes. Investors could also spend up to $25 to purchase a bundle of five cryptocurrencies which were easily balanced in proportion to their own market cap. For example, Litecoin, Ethereum Classic, Ethereum, and Bitcoin comprised each bundle. In a combination with Coinbase Learn and Asset Pages, the bundles were meant to look good for crypto newbies that are aiming for the dollar cost average into some long positions without having to conduct a huge amount of technical analysis. When it was first introduced in 2018 in September, Coinbase noted:
‘’The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.’’Now, after 8 months, Coinbase closes the Bundle project and this decision is bound to draw some criticism but maybe pleasure as well from those who dislike the company. It could be a very smart move to bin the product since the altcoins have been crashing recently as bitcoin corrected and managed to get on the rallying track. As noted in the latest cryptocurrency news, the cancellation of the Coinbase Bundle product could add some credibility to the argument that the diversification does not always work for crypto despite the sector being too volatile or calm.
Global Accounting Firm KPMG Partners With Microsoft To Develop Blockchain
“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”The blockchain being piloted by KMPG, Microsoft and R3 is definitely a hot topic and aims to reduce the future costs, number of disputes and time involved in telecom settlements caused by “billions of mobile interactions flow[ing] through hundreds of connected networks managed by dozens of customers and suppliers.” However, it is not just future costs that the business partnership wants to solve. On the table are also current inefficiencies in the markets such as settlements and reconciliations which are currently handled manually and can take a month to be completed, Ghosh said. Currently, he said, a huge amount of data is generated around mobile devices. However, it goes a long way to know the conditions of a user's contract and their billing information - which must be authenticated by at least two parties if cross-service operations occur. Before the blockchain initiative, the global accounting firm KMPG had advised telecom operators on capital-efficient deployment of 5G networks, cyber security, privacy and data protection - all of which was featured in our coming altcoin news.
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- Robinhood App To Launch A Cash Management Account Soon
- Etoro CEO Yoni Assia Will Join The $4.5 Million Lunch With Warren Buffett
- Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
- Big BTC Price Boom Will Bring To Consolidation: Market Experts
- Coinbase Closes Its Bundle Product After 8 Months On The Market
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