As the use of cryptocurrencies in the United States increases, Goldman Sachs is in negotiations to turn its digital asset platform into a stand-alone business.
Bloomberg claims that as part of its strategy to reach a wider audience with its blockchain infrastructure products, Goldman Sachs has enlisted the help of a number of industry participants.
In an interview, Mathew McDermott, the bank’s global head of Digital Assets, stated that talks with intermediaries are still in their infancy.
According to McDermott, Goldman Sachs has a 12- to 18-month schedule for implementing its plan. The bank’s strategy may potentially be impacted by bureaucracy and regulatory approvals.
The heritage wirehouse unveiled GS DAP, a private permissioned blockchain platform intended for real-time asset management and tokenization.
The platform has mostly been restricted to institutional clients and settlement trials supported by sovereigns since its inception in 2023. By 2025, the bank also intends to launch three more tokenization initiatives.
While Goldman Sachs has concentrated on institutional clients, other wealth managers, like as BlackRock and Fidelity, have targeted retail users and cryptocurrency businesses. Additionally, the bank has spot Bitcoin ETF shares valued at about $710 million.
As industry perceptions and legal frameworks change, Wall Street’s adoption of blockchain technology has surged. U.S. voters just elected pro-Bitcoin candidate Donald Trump to the White House, and Congress has made progress toward regulations pertaining to digital assets.
