Investment bank Goldman Sachs has been awarded a patent for its proposed "SETLcoin" cryptocurrency settlement system. Dubbed "Cryptographic currency for securities settlement", the concept envisions a system for settling securities trades using a built-in cryptocurrency. When filed in December of 2015, the application notably outlined methods for exchanging SETLcoins for digitized stocks for firms like Google and Microsoft, as well as cryptocurrencies, naming bitcoin and litecoin in particular. Here's how Goldman describes the system:
"[A] 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."
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