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Goldman Sachs Eyes Own Token as Bank Appoints New Head of Digital Assets
The new digital asset head at Goldman Sachs said the bank is considering launching its own possibly fiat-backed cryptocurrency.
By Paddy Baker
Updated Sep 14, 2021, 9:40 a.m. Published Aug 6, 2020, 3:49 p.m.
Goldman Sachs is seriously considering its own cryptocurrency, possibly a stablecoin, as it significantly expands its digital assets team and appoints a new head to spearhead efforts.
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- Matthew McDermott, Goldman's new digital asset global head, confirmed the U.S. investment bank was exploring whether to launch its own digital asset, CNBC reported Thursday.
- "We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases," he said.
- Last month McDermott hired Oli Harris as head of strategy. Harris was instrumental in JPMorgan's blockchain, Quroum, as well as its settlement coin, JPMCoin.
- McDermott said he is already looking at how blockchain can make savings in the inefficient repurchase, or "repo", market used by banks to lend money to one another, as well as credit and mortgage markets.
- He also said Goldman might consider collaborating with its rival, JPM, as well as Facebook on future digital asset initiatives.
- McDermott said he plans to significantly expand Goldman's digital asset team, including doubling headcount in both Asia and Europe.
See also: Goldman Sachs: Cryptocurrencies ‘Are Not an Asset Class’
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