Goldman Sachs To Spin Out Crypto Platform
Goldman Sachs is preparing to spin out its crypto platform and create a new company focused on creating and trading financial instruments on various blockchain networks. The bank revealed it is speaking to potential collaborators to add to the platform’s capabilities and help develop new offerings. Mathew McDermott, Goldman’s Head of Digital Assets, said the spinout would be completed in 12-18 months, depending on regulatory approvals, stating it was in the market's best interest to have something industry-owned. He also revealed Goldman Sachs was planning to create marketplaces for tokenized real-world assets and focus on the “fund complex” in the United States and European debt markets.
The bank will target large financial institutions over retail investors, and the new products will depend entirely on permissioned blockchains
