03/05/2018: Biggest Stories in the Cryptosphere

1. Goldman Sachs To Launch Bitcoin Trading Operation

One of the biggest names in finance, Goldman Sachs, is set to launch a Bitcoin trading operation. It would be the first one introduced by a Wall Street bank. The bank’s own money will be used to trade in contracts linked to Bitcoin’s price, with clients. Once it can get the regulatory green light and find the right approach to manage the associated risks, there is also a chance Goldman Sachs might even start buying and selling Bitcoin. Managing Director Rana Yared, who is involved with the project, noted how the technology’s perception has evolved. The fact that the bank would even contemplate the idea of trading Bitcoin is proof of how the times have changed.

2. JP Morgan Is Working On A Proof-of-concept For Blockchain Project

JP Morgan’s commercial bank is currently developing a proof-of-concept (PoC) for a blockchain-backed debt trading system. The project was confirmed by a representative from JP Morgan Chase. The syndicated debt trading platform in question will be employed internally. Starting from the commercial bank, will then be expanded to other sub-banks, if successful. Despite still being a notion, the plan is to finish the PoC by July 30th and then implement the platform in December of this year. However, this is not the first time the firm is involved with blockchain. In fact, we previously reported on JP Morgan collaborating with Bank of Canada as well as other big firms to trial the issuance of financial instruments on blockchain.

3. Berkeley Moves Forwards With ‘Tokenised Bonds’ Initiative

In February, we reported on Berkeley’s plan to issue tokenised bonds to raise funds. A project led by vice mayor Ben Bartlett. The Californian city is now moving forward with its project. If successful, it would be the first municipality to employ blockchain technology in this sphere. On Tuesday, a vote to ask the city manager for a potential pilot venture passed in the City Council. However, some members expressed the need for more information. Tokenised bonds would allow the city to issue bonds at a lower price than the conventional minimum of $5,000. The minibonds and their transactions would then be registered on distributed ledger technology.

4. Statnett Says Lack Of Engineers With Knowledge Of Blockchain Is Blocking Energy Sector Revolution

Norwegian state-owned stem power grid operator Statnett thinks that blockchain technology could revolutionise the energy sector, by improving its efficiency. However, a lack of engineers with knowledge of blockchain is getting in the way of this. The Norwegian company is even funding a professorship role in 2019. The topic was discussed by Research and Development Director Sonja Berlijn during an interview with Reuters. Consumers would be able to buy and sell between each other safely on blockchain. The technology, along with artificial intelligence (AI), could help controlling price spikes, as the daily consumption and distribution of power would become more efficient. This is why utilities providers such as Italian Enel, German E.ON and Swedish Vattenfall are investigating the technology. British Centrica is even launching a market trial this year.

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