Goldman Sachs’ interest in blockchain means innovating out of necessity

Mathew McDermott took on the role of global head of digital assets for banking giant Goldman Sachs, promoting future blockchain predictions.

“In the next five to ten years there could be a financial system where all assets and liabilities are resident on a blockchain and all transactions are natively executed in the chain.”McDermott told CNBC for an Aug. 6 article.

Tweet Quote on Aug 6, Anthony Pompliano, Co-Founder of Morgan Creek Digital added:

“Wall Street wants to learn why technologists say innovate or die.”

One of McDermott’s big plans is expansion

Goldman Sachs’ interest in blockchain means innovating out of necessity
Goldman Sachs’ interest in blockchain means innovating out of necessity

Justin Schmidt, Former Head of Digital Assets at Goldman, London-based McDermott plans to add new members to the Asia and Europe-based team and eventually increase its offering by 100%.CNBC said.

Additionally, Goldman’s new boss Honcho mentioned a potential future domestic asset for the investment banking driving force. “We are looking into the commercial feasibility of creating our own digital fiat token, but it is very early stage.”McDermott told CNBC.

The digital movement

Among the benefits of a blockchain-based digital system, McDermott cited efficiency, describing that the new ecosystem involves essentially the same activities, except digital-based and non-physical.

“It can be debt issuance, securitization, and borrowing. Essentially, you have an ecosystem of digital financial markets. The options are quite wide,” he explains.

Oli Harris, former head of digital assets strategy at JPMorgan Chase who helped with the team’s JPM coin, recently joined Goldman thanks to McDermott, CNBC said.

McDermott also highlighted the increasing institutional attention that the cryptocurrency industry has been keeping an eye on in recent years. “We have definitely seen a surge in interest from some of our institutional clients looking into how to participate in this area.”he explained, emphasizing the feeling of renewed crypto enthusiasm across the board.

Recent comments from the Digital Assets Data analytics team revealed the same as CEO Mike Alfred described the increased interest of institutional players.

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