Goldman Sachs to Roll Out Crypto Platform

Goldman Sachs is preparing to spin out its cryptocurrency platform to create a new company focused on creating and trading financial instruments on blockchain networks, Bloomberg reported on Nov. 18.

The investment bank is speaking to potential partners to add to the platform’s capabilities and develop new offerings, Mathew McDermott, Goldman’s global head of digital assets, told Bloomberg.

Tradeweb Markets, an electronic trading platform, will reportedly be among the new entity’s strategic partners.

McDermott said the spinout is expected to be completed in the next 12 to 18 months, pending regulatory approvals. Plans are reportedly still in the early stages.

“It’s in the best interest of the market to have something that is industry-owned,” McDermott told Bloomberg.

In July, McDermott said Goldman Sachs is preparing to launch three new tokenization products later this year in the United States and Europe following “a major uptick in interest from clients” in crypto.

McDermott reportedly said Goldman Sachs plans to create marketplaces for tokenized real-world assets (RWAs) and would focus on the “fund complex” in the United States and European debt markets, according to the report.

He added that the investment bank plans to target financial institutions, rather than retail investors, with its new products and will rely exclusively on permissioned blockchains. He said the RWA marketplace would differentiate itself with the speed of execution and by expanding the types of assets that can be used as collateral.

McDermott attributed the “renewed momentum in crypto” to the ongoing proliferation of exchange-traded funds (ETFs) for digital assets.

Almost a dozen Bitcoin ETFs have been listed since January when US regulators gave the investment vehicles a final greenlight. In July, regulators greenlighted several spot ETH ETFs for listing on US exchanges.

Goldman Sachs has been among the largest buyers of BTC ETFs in 2024.

Demand is surging for tokenized RWAs offering low-risk yield from Treasury bills and other money market instruments.

Tokenized US treasury debt commands approximately $2.4 billion in total value locked as of Nov. 14, according to RWA.xyz.

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