Goldman Sachs Expands Crypto Services Amid Growing Institutional Interest

Goldman Sachs is enhancing its position in the crypto market as other financial leaders like Blackrock and Fidelity increase their involvement.

Banking giant Goldman Sachs is expanding its crypto services, focusing on the tokenization of assets. The global investment bank plans to launch three tokenization projects by year’s end.

Goldman Sachs is enhancing its position in the crypto market as other financial leaders like Blackrock and Fidelity increase their involvement. Mathew McDermott, head of digital assets, disclosed to Fortune that Goldman Sachs plans to broaden its crypto services, with a focus on the tokenization of assets such as money market funds and real estate. Three tokenization projects are set to launch by the end of the year, including one in the U.S.

The global investment bank recently organized a digital assets summit in London, demonstrating strong client interest. McDermott emphasized, “There’s no point doing it just for the sake of it,” noting that client feedback indicates this innovation could significantly alter investment methods. McDermott said:

The definite feedback is, this is something that actually will change the nature of how they can invest.

Despite varying internal views on crypto’s viability, with CIO Sharmin Mossavar-Rahmani remaining skeptical, McDermott stressed the bank’s institutional focus. This includes trading crypto derivatives and engaging in spot bitcoin exchange-traded funds (ETFs).

The Goldman head of digital assets shared:

We’ve continued to see, certainly this year, an uptick and a broadening in the product suite that clients would like to see available.

Tokenization is central to Goldman Sachs’ strategy. The bank has previously engaged in significant tokenization projects and aims to develop marketplaces for tokenized assets. Regulatory changes following the U.S. presidential election could further expand Goldman Sachs’ activities in the crypto space, McDermott opined.

What do you think about Goldman Sachs’ expansion in the crypto space and its focus on tokenization? Let us know in the comments section below.

The above is the detailed content of Goldman Sachs Expands Crypto Services Amid Growing Institutional Interest. For more information, please follow other related articles on the PHP Chinese website!