The major investment firm Goldman Sachs is preparing to spin off its cryptocurrency platform into a new company that will focus on leveraging blockchain technology for large financial institutions.
According to Matthew McDermott, the global head of digital assets at Goldman, the platform utilizes blockchain to enhance efficiency and streamline financial transactions. As a result, an industry platform will emerge that enables financial institutions to effectively issue, trade, and settle assets such as bonds and cash.
“If you are trying to create a scalable market, you need the right strategic participants who support this technology. You need a quantity that will be flexible enough to operate, guided by commercial use cases,” noted Matthew McDermott.