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Goldman Sachs receives a patent for its cryptocurrency

17 July 2017 21:00, UTC

According to CoinDesk.com, the US Patent and Trademark Office (USPTO) announced that Goldman Sachs investment bank received a patent on July 11, 2017 for “SETLcoin” – a cryptocurrency used for securities settlements.

The Bank filed an application in October 2014 . It was prepared by co-head of Goldman Sachs Technology Division Paul Walker and Phil Venables, Chief Information Risk Officer of the Bank.

The concept of this idea is a system for securities settlement  by means of a built-in cryptocurrency. The application also included methods of SETLcoin exchange for digitized stocks of Google and Microsoft as well as for cryptocurrencies, namely, bitcoin and litecoin.

Goldman Sachs describes the system as follows:

“ 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). 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 ”.