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Goldman Sachs, a $3 trillion investment bank, is reportedly planning to spin off its digital asset platform into a new blockchain-focused venture.
According to a Bloomberg report, the bank is in discussions with potential partners to create a company aimed at enabling large financial institutions to utilize blockchain technology for creating, trading, and settling financial instruments.
This shift comes as part of a broader trend where cryptocurrencies and blockchain are gaining traction, with institutional interest growing rapidly. In line with this development, Goldman Sachs is looking to leverage its digital asset expertise and expand the use cases for blockchain within the financial sector. The new venture will be designed to offer solutions tailored to larger financial firms.
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Matthew McDermott, Goldman Sachs’ global head of digital assets, spoke to Bloomberg about the project, acknowledging that talks are still in the early stages. However, he outlined a long-term goal to spin off the platform within 12 to 18 months, subject to regulatory approvals.
McDermott emphasized the importance of industry ownership, suggesting that having an industry-owned platform would benefit the market. Trading platform Tradeweb Markets Inc. has already agreed to collaborate with Goldman Sachs, making it the first strategic partner in this new blockchain venture.