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USPTO Grants Patent for Cryptocurrency

The US Patent and Trademark Office (USPTO) recently issued US patent No. 9704143 to Goldman Sachs for “Cryptographic currency for securities settlement.” Goldman Sachs and other financial institutions are considering how cryptocurrency technologies can be used to execute exchanges in finance systems. In one example provided in the patent, the cryptocurrency, SETLcoins, are “exchangeable for, e.g., other SETLcoins and/or other cryptographic currencies (e.g. peercoins). 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.” The issuance of the Goldman Sachs patent for a cryptocurrency may herald increased adoption of cryptocurrency technologies among large financial institutions and global trading systems.  However, existing cryptocurrencies, such as bitcoin and ethereum, have received considerable attention from the media, but are experiencing a current slump in market value.

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