South Korean government-run Korea Post is reportedly looking to utilize Goldman Sachs Group Inc.’s knowledge to study cryptocurrencies, blockchain technology, and associated trends like artificial intelligence.
As reported by Bloomberg, Korea Post “oversees $112 billion and is run by the same South Korean government that warned virtual currencies might corrupt the nation’s youth.” Specifically, the government claimed that teenagers would get involved in pyramid schemes and drug crimes.
Now, it appears, the company is ready to learn more about crypto.
Korea Post president Kang Seong-ju claimed that he has discussed cryptocurrencies with incoming Goldman Sachs chief executive David Solomon in New York. According to Bloomberg, staff from the former company will meet with the latter’s dedicated crypto research team in Hong Kong later this month. Kang said:
I asked Goldman to pass on their know-how in the cryptocurrency area. Since cryptocurrencies are considered to have potential, and are something many people are watching, we’ll need to learn the strengths and weaknesses.
The increased interest from Korea Post only serves to indicate that cryptocurrencies and their associated technologies are becoming increasingly more mainstream, while traditional authorities, institutions, and governments look to come to grips with the nascent technology.
Meanwhile, Business Insider has reported that Goldman Sachs is dumping its plans to open a cryptocurrency trading desk — at least, for the foreseeable future. However, the American multinational investment bank and financial services company is still planning on a cryptocurrency custody solution for institutional investors.
What do you think about Korea Post’s meeting with Goldman Sachs? What do you think about the latter giving up on its plans to open a cryptocurrency trading desk? Be sure to let us know your thoughts in the comments below!
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