By Bill Taylor/ Contributor
Goldman Sachs is so ON TREND. Oh yes, the venerable investment bank and trading firm has become the coolest of the cool and is even in the midst of transforming itself into more of a bank. But wait! Banks aren’t cool, are they? Well Goldman is. They even have their own cryptocurrency and a new “leader” who is very hot on bitcoin.
Lloyd Blankfein, Goldman’s current CEO, has just passed the torch to David Solomon who will certainly lead Goldman into the newest of the new digitization age. So, how is this so cool? Well for one, with Solomon, Goldman Sachs has its very own DJ (that’s disc jockey folks). Seems Mr. Solomon, who goes under the “stage name” D-Sol, spins some electronic dance music in the night time. Now, going out on a limb here, I assume that gig does not pay nearly as much as the Chairman of Goldman, but he may find it’s more fun.
A huge new area Goldman is involved in should be right up D-Sol’s alley. Goldman has a partner (Circle) which is in the global payment space AND now is chest deep in the crypto investing, execution and exchange platform space. So, we now have Goldman setting up a crypto trading desk, partnering with Circle which has a crypto exchange (Poloniex), launching its own crypto “stablecoin” (Circle coin) and becoming a bank. Think INSTITUTIONAL CENTRAL BANK. And, headed up by a DJ. How cool is that? Answer; very cool.
This is why Goldman is the 900 pound gorilla in the room (all others are only 800 pound apes) and is always a force to be reckoned with, and admired. How do you think it would feel to be David Solomon (D-Sol) flying back from Davos, Switzerland with other banking big wigs and going through customs. Got your AMEX Black card (check), got your duel passports (very hip….check) and then being asked “anything else to declare?” and being able to reply, “why yes, I have my own cryptocurrency and I can get you into the coolest club where I DJ”. WHOA! Hello, new Goldman Sachs.
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews