Goldman Sachs supports tokenization efforts with new partnership

The American investment bank Goldmann Sachs, Sponsor a major cryptocurrency company circle, is stepping up its tokenization efforts Partnership with the blockchain startup Digital Asset.

The partnership enables Goldman Sachs to use Damli, a development framework created by Digital asset to enable financial institutions to build and execute blockchain businesses,The company announced on Wednesday.

Daml, one of the core technologies of Digital Asset, will help Goldman Sachs develop its own end-to-end tokenized asset infrastructure that would support multiple asset classes on private and public blockchains, the announcement said.

Goldman Sachs supports tokenization efforts with new partnership
Goldman Sachs supports tokenization efforts with new partnership

Mathew McDermott, Global Head of Digital Assets, Goldmann Sachs, said Daml-based solutions could Accelerate blockchain-based digitization workflows in financial institutions and customers by networking multiple infrastructures:

“As we evolve our tokenization capabilities, we need solutions that can quickly capture the complexity and diversity of assets at the heart of our business for digitally native or tokenized traditional assets and that are interoperable across multiple blockchains.”

By implementing the smart contract language of the same name, Daml is a platform for building multi-party applications that aim to avoid duplicate processing and manual labor. Some of the largest financial institutions in the world, such as the securities division of BNP Paribas,  implemented smart contracts based on â ???? â ???? in Daml to develop real-time settlement and trading applications.

Digital Asset did not immediately respond to Cointelegraph’s request for comment.

Goldman Sachs previously claimed it was involved in an “extensive investigation” into tokenization in June 2019. and CEO David Solomon found that global payment systems are moving steadilyto launch cryptocurrencies pegged to a fiat currency known as stablecoins. The investment bank is known for investing in circle, a lead developer of USD Coin (USDC), the second largest stablecoin in the world by market capitalization after Tether (USDT).

After the introduction of a limited bitcoin derivatives (BTC) trading desk in May 2021, Goldman Sachs continued to investigate cryptocurrency investment products and revealed plans for ether derivatives (ETH) in June..

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