Goldman Sachs CEO says digital currencies ‘important’ to future of financial systems as lender posts record profit

Goldman Sachs CEO says digital currencies ‘important’ to future of financial systems as lender posts record profit

Goldman Sachs chief executive David Solomon underscored the importance of cryptocurrencies as the US' fifth largest bank posted record first quarter net profit and revenue on the strong performance of its investment banking and trading businesses.

The lender's net income rose an annual 464 per cent to $6.8 billion in the three months to March 31. Its revenue more than doubled to $17.7bn on an annualised basis, topping analysts' expectations of $12.6bn.

As activities in the areas of “cryptocurrency, blockchain and the digitisation of money” accelerate, there will be “significant disruption and