Goldman Sachs has been granted the patent for its proposed “Cryptographic Currency For Securities Settlement”, CoinDesk reported.

The US Patent and Trademark Office (USPTO) published the patent on July 11. First revealed in 2015, the patent application described a system based on a new cryptographic currency, SETLcoin.

According to the details, SETLcoin would facilitate exchange of assets, such as securities (e.g., stocks, bonds, etc.) cash, and/or cash equivalents via a peer-to-peer network. It explains:

“Traders using the described technology exchange securities by presenting an open transaction on the associated funds in their respective wallets. SETLcoin ownership is immediately transferred to a new owner after authentication and verification, which are based on network ledgers within a peer-to-peer network, guaranteeing nearly instantaneous execution and settlement.”

It further explains:

“An SETLcoin wallet or transaction can house a single security, as described above, or multiple denominations of the same security (e.g., 1 IBM-S SETLcoin valued at 100 IBM shares). SETLcoin wallets or transactions may also house multiple securities (e.g., 1 IBM-S SETLcoin and 2 GOOG-S SETLcoins). SETLcoins are exchangeable for, e.g., other SETLcoins and/or other cryptographic currencies (e.g., peercoins). For example, a single IBM-S SETLcoin may be exchangeable for one or more "GOOG" SETLcoins (i.e., Google shares), for 13,000 USD SETLcoins, 100 litecoins, and/or for 5 bitcoins.”

The application was initially filed in 2014 and lists Paul Walker, co-head of the bank's technology division, and Phil Venables, chief information risk officer, as inventors.

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