Goldman Sachs is actively discussing the potential spinoff of its digital asset platform into a standalone company amid increasing interest in cryptocurrencies in the U.S.
Goldman Sachs plans for platform expansion
According to Bloomberg, Goldman Sachs is engaging several market players as part of its plans to expand its blockchain products. The bank’s global head of digital assets, Mathew McDermott, mentioned that discussions are still in the early stages and may take 12 to 18 months to conclude. Regulatory approvals and bureaucracy could also impact the bank’s timeline.
Current status and future development of GS DAP
The firm launched its private permissioned blockchain platform, GS DAP, in 2023 for real-time asset tokenization and management. Currently, the platform is chiefly limited to institutional clients and sovereign-backed trials. According to crypto.news, the bank plans to roll out three more tokenization projects by 2025.
Market response and the role of crypto on Wall Street
Other wealth managers like BlackRock and Fidelity are targeting retail investors and crypto businesses, while Goldman Sachs focuses on institutional clients. Wall Street has been increasing its adoption of blockchain technology amid evolving regulatory conditions and perspectives on the industry. Congress is advancing toward digital asset policies, and recently elected U.S. President Donald Trump is pro-Bitcoin.
Goldman Sachs continues to actively engage with blockchain technologies, developing products and adapting to changing conditions in the cryptocurrency market. As a result, the bank is strengthening its presence in the industry by focusing on future development of its digital platforms.
