Banking giant Goldman Sachs submitted an application to the US Securities and Exchange Commission (SEC) yesterday, July 26, for a DeFi ETF that would offer and offer DeFi products to public companies.

According for depositThe proposed fund, called “Goldman Sachs Innovate DeFi and Blockchain Equity ETF,” seeks to provide the possibility to invest in “Solactive” products and the blockchain index from the German index provider.

Details are poor about the new fund, but it is possible that it will invest at least 80% of its assets in stocks, shares and fintech companies included in the index.

DeFi without DeFi?

It appears that Goldman may be a bit confused about the definition of DeFi.

Read:Chinese Bank Invests in Bitcoin (BTC) Digital Wallet

A closer look at the “Solactive” index reveals that it is made up largely of American tech giants and international telecoms companies.

Among the top 20 components of the July 23 report, none of them can be described as a DeFi or blockchain project or organization.

The top three were Nokia, Facebook and Alphabet.

The list of stocks that were tracked also includes the payment giants Visa, MasterCard, PayPal, technology giants such as Microsoft, IBM and Intel, and the monopoly companies of e-commerce and Chinese telecommunications “Baidu”, “Alibaba” and “Tencent”.

Anyone can describe the above companies’ shares as decentralized finance companies’ shares.

This isn’t the first time that Goldman Sachs’ crypto market concepts have been mixed up.

Confusion reigns in “Goldman Sachs”:

In a report released on June 14 entitled Digital Asset: Beauty is not in the eye of the beholder.

Through this report, the bank concluded that Bitcoin is not a long-term store of value or an investable asset class.

Lenavo thus reported a report issued on May 21 entitled “Crypto is the new investment asset class?” This report was largely positive about cryptocurrencies, as the then Global Head of Digital Assets at Goldman Sachs commented, saying that Bitcoin is now considered an investable asset.

Read:Learn about the story of an old woman who turned a $3,000 Bitcoin investment into $320,000

Earlier this month, analysts at Goldman Sachs outlined their reasons for claiming that Ethereum will eventually become a better store of value than Bitcoin.

Goldman Sachs also reported that 45% of the ultra-rich are interested in cryptocurrency.

Now it seems that “Goldman Sachs” has equated DeFi with Facebook, Google, and Microsoft!

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