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The disruption caused by blockchain technology brought about varying degrees of change to a multitude of sectors, particularly banking. Some experts analyzing this growing ecosystem said that entities failing to adopt this new innovation is in danger of getting left behind.
However, entities who hastily integrate blockchain into their system without carefully evaluating how best to leverage the technology will also create complicated problems for their operations. Both of these caveats are heeded by Goldman Sachs, one of the largest financial firms in the U.S.
In a recent interview, Goldman Sachs COO David Solomon announced that the firm is reading the crypto landscape and exploring the possibility of getting involved with cryptocurrency trading derivatives, Cointelegraph reported. Solomon stated the company is already cooperating with clients in publicly traded derivatives like Bitcoin (BTC) futures, adding that they’re scrutinizing other related avenues for future ventures.
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously,” Solomon said. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
The Goldman Sachs COO said that this is their way of pushing the boundaries of the company in order to take it to its next form, which will be in line with the catalyst that is blockchain technology. Famed master forger Frank Abagnale said that the financial sector will indeed adapt to the disruptive changes that this innovation will cause lest it become obsolete. Abagnale did say, however, that the transformation will not happen outright but will gradually take place as details of the industry become defined.
Goldman Sachs is but one of the many banks that are trying to take advantage of blockchain to improve their operations. Recently, Sergio Ermotti, CEO of UBS Group AG, said that the innovation is “almost a must” for businesses as it’s capable of streamlining services that can effectively lower the cost of their operations.
