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Leading multinational investment bank Goldman Sachs plans to venture deeper into tokenization in 2024!
What’s the Scoop?
- New Offerings: Goldman Sachs’ Global Head of Digital Assets Mathew McDermott told Fortune that his firm wants to launch three different tokenized projects this year.
- Product Types: Specifics of the offerings were not provided, but one is expected to cover the U.S. fund sector while another will target European debt markets. A tokenized asset marketplace is also set to be launched, which will increase trading speeds and the types of assets that can be used as collateral.
- Existing Efforts: Goldman is no stranger to tokenization; the bank has already issued tokenized debt for both the European Investment Bank and Hong Kong Monetary Authority, in addition to launching a tokenization creation platform.
- Private Chains: Due to U.S. regulatory restrictions from its designation as a bank, GS is prohibited from operating on public blockchains and will rely on privatized alternatives.
Bankless Take:
Although traditional financial institutions have demonstrated resilience in adopting blockchain technologies, it is evident that they are keenly aware of the advantages and seeking to establish a foothold, particularly within the RWA/tokenization sector.
Despite hundreds of trillions of dollars in assets standing at the ready to be tokenized, existing public blockchains have had a relatively difficult time gaining non-crypto native traction for their RWAs, leaving one to postulate whether the private blockchains banks are restricted will finally become the nexus for actual “crypto” adoption.
*Goldman Sachs* to launch three tokenization projects…
— Nate Geraci (@NateGeraci) July 10, 2024
Paying attention yet?
via @leomschwartz pic.twitter.com/FltNEjvt0s
