Goldman Sachs Embraces Blockchain to Modernize Traditional Finance
According to Bloomberg, Goldman Sachs is exploring how blockchain technology can improve traditional financial markets, such as private equity.
Managing Director Mathew McDermott said the bank is “fully supportive” of blockchain applications following the successful launch of its blockchain tokenization platform GS DAP and plans to hire more experts in the field.
Although Goldman Sachs recently laid off approximately 3,200 employees, its commitment to hiring blockchain experts demonstrates the potential value of the technology in traditional banking.
Goldman’s private blockchain platform, GS DAP, was recently used to sell a green bond, allowing for a one-day settlement compared to the usual five days.
McDermott believes the blockchain platform can tokenize various assets but doubts it will significantly improve initial public offerings or equities.
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He thinks the technology will provide transparency and accurate pricing, increasing liquidity and attracting more investors to secondary markets.
However, it’s unlikely that traditional financial transactions will move to public blockchains soon due to regulatory uncertainty and distrust of cryptocurrencies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
