Goldman Sachs seeks patent on virtual currency

Shedding its stuffy image: Goldman Sachs is attempting to attract more millennials by reaching them where most if not all young people hang out virutally now, on Snapchat.

NEW YORK: Goldman Sachs is developing a virtual currency system that aims to revolutionise securities transactions, according to a US patent application filed by the Wall Street investment bank. 

The technology, named SETLcoin, would transform the securities “clearing“ system, where an intermediary reconciles and alters terms between buyers and sellers of stocks, bonds and other financial investments before money changes hands.