Goldman Sachs, one of the world’s leading investment banks has announced the launch of a new digital asset team with the hope of going “further than ever before.”
The new crypto business has been created within its incubator and is separate from the business that trades cryptocurrency derivatives. Information relating to this new development was published in a job listing for a Digital Asset Project Manager.
“Project managers on the Digital Asset team will play an integral role in helping define both the scope and direction of the business,” it said. “In short, we’re evolving, and looking for some of the most talented individuals in the world to help us go further than ever before.”
Whilst further details on the position are sparse, a source within Goldman Sachs has said they could be looking to create and launch something similar to JPMCoin- an asset created by rival JPMorgan. The coin aims to simplify international transactions between wholesale clients and itself.
Coinbase could launch its own insurance firm
Cryptocurrency exchange platform, Coinbase is rumoured to be in talks to potentially launch its own regulated insurance company in conjunction with insurance broker, Aon.
Usually, crypto exchanges such as Huobi or Kraken self-insure due to the fact that commercial insurance pricing is very high and conventional underwriter’s are very unwilling to involve themselves in cryptocurrency. The self-insurance market however is not regulated in any way and has no formal structure.
According to reports, Aon has started to set up captive companies in the Cayman islands, in a partnership with an unnamed cryptocurrency firm. Coinbase have already worked with Aon this year, when the insurance firm helped the exchange with $225 million coverage for hot wallets.
John McAfee could be creating Cuba’s first crypto
Tech entrepreneur John McAfee has offered to work with the Cuban government as a cryptocurrency advisor. He declared his intentions shortly after Cuba announced their plan to develop a national cryptocurrency that would be able to circumvent the economic sanctions imposed by the US government.
McAfee told Reuters that he believes the project is totally viable and very simple. He said he believes it is so simple, he will offer his services on a pro bono basis.
“It would be trivial to get around the U.S. government’s embargo through the use of a clever system of currency. So I made a formal offer to help them for free on a private channel… through Twitter,” he said.
Also on Twitter, he referred to the “insanity” of the American government for imposing “63 years of economic strangulation” on 14 million Cuban people. He called the potential project, a “large scale, real world application for cryptocurrencies”.
Cuban authorities are yet to comment.