A $112 Billion Korean Investor Seeks Goldman Sachs Help on Cryptocurrency Investing

A $112 Billion Korean Investor Seeks Goldman Sachs Help on Cryptocurrency Investing

Korea Post overseas $112 billion and has now asked Goldman Sachs for help, to learn more about cryptocurrencies. It is one of the last money managers you would expect to take an interest in cryptocurrencies since it is run by the same South Korean government that warned that virtual currencies might corrupt the country’s youths. Now, they want to learn more.  

Even though the South Korean government might be the last one to expect, wanting to learn more about cryptocurrencies, a few weeks back they were in a session to discuss the lifting of the ICO ban and create a blockchain Island. More specifically, it was the South Korean National Assembly that met, and some government officials are said to have participated. Extraordinary sessions cannot exceed 30 days, and the discussions will see participation from across the South Korean political spectrum.

Maybe it is not surprising after all that they want to learn more. Blomberg reported that Korea Post would meet executives from Goldman Sachs’ crypto research group in Hong Kong this month. The discussions will include hot topics like blockchain, artificial intelligence, and digital assets.

Kong Seong-ju is the president of Korea Post and said in a recent interview that he discussed cryptocurrencies with David Solomon, Goldman’s chief executive, in his most recent visit in New York.

“I asked Goldman to pass on their know-how in the cryptocurrency area,” Kang said. “Since cryptocurrencies are considered to have potential, and are something many people are watching, we’ll need to learn the strengths and weaknesses.”

However, even though Korea Post has no plans to invest in the digital assets, the meeting proves that the asset class is becoming more widely spread over the world. Goldman Sachs has earlier this year got involved with cryptocurrencies on many levels and had put their trading desk on hold to focus on developing a custodian crypto product to aim towards institutional investors. The Wall-Street firm is also one of the few on Wall-Street to offer regulated Bitcoin Futures. They did not comment when asked if the meeting with Korea Post was regarding the custody matter.

South Korea is getting more engaged with cryptocurrencies. They are considering to open the country for ICOs, and the Korean Blockchain Association (KBA) have quite recently approved 12 cryptocurrency exchanges and the exchanges thereby comply with the country’s standards. Now Korea Post that is owned by the government is learning more about cryptocurrencies. Blockchain and the digital assets are with this news taking a step closer to becoming mainstream.

Image Source: “Flickr”

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