Bitcoin

Goldman Sachs hires new VP of Digital Assets

The investment bank Goldman Sachs hired new Vice President for the Digital Assets team within its Global Markets Division in London.

The new Vice President will work with the Digital Assets team, according to a recent job posting on the investment company’s website “the definition and implementation of DLT and blockchain technologies (Goldman Sachs Distributed Ledger), including potential initiatives in the field of cryptocurrency”. The role requires that each applicant be able to identify opportunities where blockchain and DLT technologies can add value.

The current chairman of Goldman Sachs Digital Assets is Mathew McDermottwho took over the role on August 6th.

Change of direction towards cryptocurrencies

Goldman Sachs hires new VP of Digital Assets
Goldman Sachs hires new VP of Digital Assets

The recent addition of McDermott and the pursuit of this new position suggest that this is Goldman Sachs be more proactive in terms of crypto assets in uncertain economic times.

On Aug. 6, McDermott said in an interview with CNBC that the company is “Exploring the Commercial Feasibility of Creating a Digital Fiat Token”allegedly a stablecoin tied to the US dollar.

“In the next five to ten years there could be a financial system where all assets and liabilities are contained in a blockchain network and all native transactions take place in the chain.”

The digital assets team will be strengthened following a call from investors in May in which Goldman Sachs analysts argued that Bitcoin (BTC) is illegitimate, does not offer cash flow, does not offer diversification, and has shown no evidence of inflation hedge..

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