Goldman Sachs sets sights on standalone blockchain entity for digital assets expansion

Goldman Sachs sets sights on standalone blockchain entity for digital assets expansion
фото показано с : cryptoslate.com

2024-11-19 21:53

Goldman Sachs is charting a bold new course in financial technology, unveiling plans to transform its digital assets platform into a standalone blockchain-focused entity, Bloomberg News reported on Nov. 18.

The initiative, slated for completion within the next 12 to 18 months, seeks to modernize the trading, settlement, and management of financial instruments. It is currently pending regulatory approval.

The new company will cater to institutional clients, enabling them to execute transactions involving traditional assets like bonds and cash through blockchain while also expanding capabilities to serve private digital asset markets.

Goldman’s vision for the platform includes collaboration with Tradeweb Markets Inc., a leading electronic trading platform, which has joined as its first strategic partner. The partnership seeks to explore blockchain-based use cases that enhance efficiency across financial markets.

Betting on blockchain

Goldman’s decision reflects an industry-wide shift toward leveraging blockchain for operational efficiency. The firm intends to modernize financial workflows by adopting decentralized ledger technology, which will enable faster transactions and greater transparency.

The company is also eyeing secondary markets for digital asset firms, addressing a growing need for streamlined solutions in this evolving sector. Meanwhile, planned tokenization projects aim to provide institutional clients with new tools to diversify their portfolios and access emerging opportunities.

The initiative aligns with the lender’s positive outlook on blockchain and digital assets. Despite market volatility, the firm has remained optimistic about the long-term role of Bitcoin (BTC) and blockchain in institutional finance. Bitcoin’s recent rise to $93,000 has reinforced this confidence.

Goldman’s investments in Bitcoin ETFs and other blockchain-backed financial products underline its strategic commitment to digital assets. Earlier this year, the firm partnered with DRW Capital to deploy $600 million across spot Bitcoin and Ethereum ETFs, signaling its readiness to capitalize on the sector’s growth.

The post Goldman Sachs sets sights on standalone blockchain entity for digital assets expansion appeared first on CryptoSlate.

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