As an analyst with extensive experience in the financial sector and a keen interest in blockchain technology, I find myself intrigued by the strategic moves Goldman Sachs is making in the digital assets space. Mathew McDermott, Goldman’s global head of digital assets, seems to be leading the charge, and his recent announcements suggest a renewed focus on tokenization.
The investment bank is currently negotiating with possible collaborators aiming to improve the platform’s features and create fresh services, as reported by Mathew McDermott, Goldman Sachs’ global head of digital assets. (Bloomberg)
Tradeweb Markets, an electronic trading platform, is likely to join as a strategic partner in the upcoming entity. The spinoff is expected to be finalized within the next 12 to 18 months, subject to regulatory clearance. McDermott underscored the significance of having industry ownership for the platform’s prosperity.
In July, Goldman Sachs unveiled its intention to debut three tokenization services later in 2021, both in the United States and Europe. This move comes as a result of heightened client demand for cryptocurrencies. The bank intends to establish marketplaces for tokenized real-world assets, with an emphasis on the U.S. mutual fund industry and European debt markets. These projects are primarily designed for financial institutions, leveraging permissioned blockchains to maintain security and adherence to regulations.
The surge in cryptocurrencies is significantly influenced by the increasing number of exchange-traded funds (ETFs) dedicated to digital assets. Over the past few months, U.S. authorities have given the go-ahead for close to a dozen Bitcoin ETFs, and in July, several Ether spot ETFs received approval for trading on American stock exchanges. In 2024, Goldman Sachs has emerged as one of the major investors in Bitcoin ETFs.
There’s a significant increase in the desire for tokenized RWA‘s (Real-World Assets) that provide low-risk returns from government bonds and money market tools. At present, the total value of tokenized U.S. Treasury debt is approximately $2.4 billion.
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2024-11-19 13:46