Goldman Sachs gets into cryptocurrency again! Three RWA tokenized products will be launched

This site (120Btc.coM): As asset management giants BlackRock and Fidelity continue to expand their businesses into the crypto field, Wall Street investment bank Goldman Sachs is also preparing to take action and is expected to launch a new business in the United States before the end of this year and Europe launched three new tokenized products for large institutions.

Goldman Sachs will launch tokenized products for institutions

According to Fortune, Goldman Sachs plans to launch three new tokenized products later this year, demonstrating the company’s commitment to embracing digital innovation in the financial sector.

Mathew Mc Dermott, global head of digital assets at Goldman Sachs, did not reveal too many details in the report. He only said: One of the products will target the "U.S. fund industry" and the other product will focus on the "European bond market." At the same time, we will also A market is expected to be created for more tokenized assets.

He pointed out that the target customers will mainly be financial institutions rather than retail investors; unlike competitors, Goldman Sachs will mainly issue related products through authorized blockchains.

In addition, in the face of the strong rise of cryptocurrencies this year, he attributed it to the listing of dozens of Bitcoin spot ETFs, and showed that this has indeed attracted the attention of his large customers.

Facing the upcoming US election, Mathew also emphasized that if the regulatory stance becomes relaxed as a result, Goldman Sachs’ business in the encryption field may further expand: There may be other things that we will be interested in, but they still have to go through It can only be implemented after approval, such as real execution or sub-escrow.

Goldman Sachs’ road to crypto advancement

As early as 2022, Goldman Sachs purchased Bitcoin options (NDO) from the encryption company Galaxy Digital for the first time in an over-the-counter (OTC) transaction, which is regarded as a large-scale traditional financial It is of great significance for institutions to enter the encryption industry.

At the same time, as a qualified participant (AP) of the BlackRock Bitcoin Spot ETF, although Goldman Sachs Chief Investment Officer Sharmin had previously expressed his disdain for the encryption industry, Max Minton, its head of digital assets in Asia Pacific, stated that the ETF’s The approval has indeed sparked client interest: Since the beginning of the year, we have seen significant growth in client interest in the crypto space, primarily from traditional hedge funds and asset managers.

The RWA market is booming

According to the asset tokenization analysis platform RWA.xyz, the market value of the U.S. tokenized Treasury bond market has reached US$1.8 billion and is still rising rapidly.

Among them, led by the BlackRock tokenization fund "USD Institutional Digital Liquidity Fund (BUIDL)", which has just officially exceeded US$500 million in scale a few days ago, and the "Franklin On Chain US Government Monetary Fund" with a scale of US$400 million (FOBXX)" is the runner-up, and "Ondo Finance USD Income Product (USDY)" is the third runner-up.

However, last month’s report by the World Federation of Exchanges (WFE) also showed that tokenization can be an innovative solution for traditional finance, but it is not a panacea for all financial institutions and is still subject to technical and regulatory limitations.

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