Goldman Sachs, the global investment bank, is making strides in the cryptocurrency market by expanding its range of services and focusing on the tokenization of assets. The bank plans to launch three tokenization projects by the end of the year, with a particular emphasis on assets like money market funds and real estate. This move comes as other financial leaders, such as Blackrock and Fidelity, also increase their involvement in the crypto space.
At a recent digital assets summit in London, Goldman Sachs showcased its commitment to this innovative technology and highlighted the strong interest from its clients. Mathew McDermott, the head of digital assets at Goldman Sachs, emphasized that this expansion is not just for the sake of it but rather a response to the feedback from clients who believe that tokenization could revolutionize investment methods.
While there may be internal differences in opinion on the viability of cryptocurrencies, McDermott made it clear that the bank’s focus remains on serving institutional clients. This includes activities such as trading crypto derivatives and engaging in spot bitcoin exchange-traded funds (ETFs). McDermott noted that there has been an increasing demand from clients for a broader range of crypto products.
Tokenization is a key aspect of Goldman Sachs’ strategy in the crypto space. The bank has previously undertaken significant tokenization projects and aims to develop marketplaces for tokenized assets. McDermott also mentioned that regulatory changes following the U.S. presidential election could further expand the bank’s activities in the cryptocurrency sector.
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