Goldman Sachs notes crypto in a shareholder letter, stating tech is driving competition in the banking sector

Goldman Sachs, the behemoth of financial services, is alerting its investors about rivals providing crypto goods and services not offered by the bank.

Goldman Sachs notes in several cases in its 2024 Annual Report that competing companies are providing things that customers would want, including specialized digital assets, which Goldman cannot or chooses not to supply.


The bank claims that the competition might enable customers to have better experiences.

Goldman Sachs then notes that artificial intelligence (AI)-based technologies and blockchain technologies have sharpened competitiveness in the banking sector.

"The development of electronic trading and the introduction of new products and technologies, including trading and distributed ledger technologies, such cryptocurrencies, and AI technologies, has enhanced competition."

Based on the possibility of cyber security events, the financial services behemoth also claims it is "exposed to risks" via several operations involving digital assets.

"Moreover, even if distributed ledger technology is becoming more and more common and has many uses, cryptocurrencies and related technologies are still young and might be prone to cyberattacks or have other natural flaws."


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