Goldman Sachs has developed a new cryptocurrency using the blockchain technology.
Nine of the world’s major banks, such as JP Morgan, Goldman Sachs and Barclays, are expected to adopt the blockchain technology in an attempt to broaden its use in the financial services sector.
Goldman Sachs announced its partnership with IDG Capital Partners, a major Chinese investment firm, to make a $50 million investment into Circle Internet Financial, a Bitcoin-focused start-up.
Nearly 80% of all bitcoin trading volume is driven by the Chinese national currency.
Warren Buffett, who earlier this month said he wouldn’t own bitcoin because he doesn’t consider it a store of value or reliable means of exchange, again dismissed bitcoin on Friday.