Goldman Sachs is considering setting up its digital assets platform as a separate company, aiming for completion in 12 to 18 months.
Platform Spin-off Plans
Goldman Sachs plans to spin off its digital assets platform to develop, trade, and settle blockchain-based financial instruments. According to Mathew McDermott, global head of Digital Assets, the process is expected to take 12 to 18 months, subject to necessary regulatory approvals.
Innovations and Partnerships
Goldman's digital assets platform has secured its first strategic partner, Tradeweb Markets, to explore commercial opportunities. This initiative aligns with efforts by banks and governments to use blockchain technologies to increase trading efficiency.
Opportunities in Digital Assets Sector
Beyond the spin-off, Goldman Sachs considers facilitating secondary transactions for private digital asset companies and plans to restart Bitcoin-backed lending. The platform has already been used for bond issuance by the European Investment Bank.
Goldman Sachs's strategic move for its digital assets platform highlights the growing significance of blockchain technologies in the financial sector, indicating future growth opportunities for the market.
