Goldman Sachs acknowledges cryptocurrency for the first time in its annual shareholder letter

ChainCatcher news, according to The Block, Goldman Sachs mentioned cryptocurrencies in its annual shareholder letter, acknowledging their increasingly important role in financial markets and competition.

Goldman Sachs stated in the letter: "The growth of electronic trading and the introduction of new products and technologies, including trading and distributed ledger technology (such as cryptocurrencies) as well as artificial intelligence technology, have intensified competition." "In some cases, our competitors may offer financial products that we do not provide, which our clients may prefer, including cryptocurrencies and other digital assets that we cannot or may choose not to offer."

While emphasizing the growing popularity of blockchain and digital assets, the company warned of potential risks, including cybersecurity vulnerabilities and market volatility. "Although the prevalence and application of distributed ledger technology, cryptocurrencies, and similar technologies are continuously expanding, these technologies are still in their infancy and may be susceptible to cyberattacks or have other inherent weaknesses."

The letter also warned that the company faces risks in assisting clients with activities involving blockchain financial products, investing in related companies, and accepting digital assets as collateral.