South Korea Post Service Seeks Crypto Counsel from Goldman Sachs
According to an article by Bloomberg, South Korea’s national postal service Korea Post (KP) will meet with Goldman Sachs executives in order to discuss and learn more about cryptocurrencies and blockchain.
In the interview for Bloomberg, the post service’s president, Kang Seong-ju, confirmed that KP officials would also travel to Hong Kong to meet with Goldman’s dedicated and recently formed cryptocurrency team. In addition, another meeting already took place in New York. There, representatives of the Korean service met with Goldman’s incoming chief executive, David Solomon.
Kang Seong-ju told the publication that he had sought advice from Goldman Sachs by stating the following: “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 news from Bloomberg about the South Korea Post seeking counsel from Goldman Sachs came into light just as reports started flying in about the fact that the Goldman had dropped plans to open a new crypto trading desk, as reported by Business Insider citing unnamed sources.
“At this point, we have not reached a conclusion on the scope of our digital asset offering,” Michael DuVally, a Goldman Sachs spokesperson told Reuters on September 5th. Still, according to various other sources, Goldman Sachs won’t fully drop the prospect of crypto trading, as the company will allegedly focus more on the custody product for crypto.
The news affected the crypto market
The news that Goldman Sachs won’t become the first big Wall Street firm to make markets in cryptocurrencies has stirred the market producing temporary volatility, with Bitcoin losing up to as much as $500 in just a matter of minutes.
According to Bloomberg’s report, the South Korean post service isn’t planning on investing in cryptocurrencies. It seems that these events come at a very good time as South Korea continues to formalize its cryptocurrency regulations.