By crypto.news | Created at 2024-11-18 16:35:17 | Updated at 2024-11-22 19:52:27
4 days ago
Goldman Sachs is in talks to pivot its digital asset platform into a standalone company as U.S. crypto adoption grows.
According to Bloomberg, Goldman Sachs has engaged several market players as part of its plans to expand its blockchain infrastructure products to a bigger clientele.
The bank’s global head of Digital Assets, Mathew McDermott, said in an interview that discussions with intermediaries are still in their early stages. McDermott added that Goldman Sachs’s timeline for realizing its strategy ranges between 12 and 18 months.
Regulatory approvals and bureaucracy could also impact the bank’s roadmap, McDermott noted.
The legacy wirehouse debuted its private permissioned blockchain product, GS DAP, designed for tokenizing and managing assets in real-time.
Since its launch in 2023, the platform has been primarily limited to institutional clients and sovereign-backed settlement trials. The bank also plans to roll out three additional tokenization projects by 2025, according to a crypto.news report.
Other wealth managers, like BlackRock and Fidelity, have targeted retail users and crypto businesses, while Goldman Sachs has focused on institutional clients. The bank also holds over $710 million worth of spot Bitcoin (BTC) ETF shares.
Wall Street’s adoption of blockchain technology has accelerated amid shifting regulatory conditions and evolving perspectives on the industry. Congress has advanced toward digital asset policies, and U.S. voters recently elected pro-Bitcoin candidate Donald Trump to the White House.
