2024-11-20 19:30 |
The investment bank is in discussions with potential partners to enhance the platform’s capabilities and develop new offerings, according to Mathew McDermott, Goldman’s global head of digital assets in Bloomberg.
Tradeweb Markets, an electronic trading platform, is expected to be among the new entity’s strategic partners. The spinout is anticipated to be completed within the next 12 to 18 months, pending regulatory approvals. McDermott emphasized the importance of industry ownership for the platform’s success.
In July, McDermott announced that Goldman Sachs plans to launch three new tokenization products later this year in the United States and Europe, following a significant increase in client interest in crypto. The bank aims to create marketplaces for tokenized real-world assets (RWAs), focusing on the U.S. fund complex and European debt markets. These initiatives will target financial institutions and utilize permissioned blockchains to ensure security and compliance.
The renewed momentum in crypto is partly attributed to the proliferation of exchange-traded funds (ETFs) for digital assets. Since January, U.S. regulators have approved nearly a dozen Bitcoin ETFs, and in July, several spot Ether ETFs were greenlighted for listing on U.S. exchanges. Goldman Sachs has been among the largest buyers of Bitcoin ETFs in 2024.
Source: https://app.rwa.xyz/
Demand is surging for tokenized RWAs offering low-risk yields from Treasury bills and other money market instruments. As of November 14, tokenized U.S. Treasury debt commands approximately $2.4 billion in total value locked.
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