Goldman Sachs Gets Securities System Patentbr>
Investment banking giant Goldman Sachs has received a patent for its “SETLcoin” cryptocurrency settlement system.
The US Patent and Trademark Office (USPTO) published Goldman’s patent earlier this week. The project was titled “Cryptographic currency for securities settlement.”
The patent is a methodology for settling securities trades using a token system. “[A] SETLcoin wallet can house a single security or multiple denominations of the same security (e.g., 1 IBM-S SETLcoin valued at 100 IBM shares),” said the Goldman plan. “SETLcoin wallets may also house multiple securities (e.g., 1 IBM-S SETLcoin and 2 GOOG-S SETLcoins). 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 patent application was initially filed in October, 2014. Paul Walker, co-head of the bank’s technology division, and Phil Venables, chief information risk officer for Goldman, are credited as its inventors.