Goldman Sachs Plans to Spin Off its Digital Assets Platform

Goldman Sachs is in the process of creating a new company that will focus on using blockchain technology for large financial institutions.

Mathew McDermott, the bank’s global head of Digital Assets, has stated that the platform will improve efficiency by streamlining the creation, trading, and settlement of financial instruments.

The spin-out is still in its early stages and is expected to be completed within the next 12 to 18 months, pending regulatory approval.

The new company will operate independently and utilize blockchain technology to facilitate financial transactions, providing financial institutions with a more efficient way to issue, trade, and settle assets like bonds and cash.

The goal is to create a platform that is industry-owned and can handle large-scale transactions efficiently. McDermott has emphasized the importance of having strategic participants on board to make the platform successful.