Goldman Sachs may issue its own token

Matthew McDermott took over as head of digital assets at Goldman Sachs in June this year, and has alreadyconsidering the possibility of issuing its own cryptocurrency.

McDermott noted that the investment bank is exploring the creation of its own token and is considering cooperation with other companies, including JPMorgan and Facebook. 

JPMorgan has already released its own coin forpayments via blockchain, Facebook has a ready-made Libra project. McDermott has already expanded his team and hired Oli Harris, the former head of digital assets at JPMorgan. Harris was among the developers of JPM Coin and was responsible for the Quorum blockchain platform. 

McDermott noted in his interview that the bankinterested in using blockchain technology to address the market inefficiencies of the traditional financial system. He believes the securities finance markets are "ripe for standardization." But in his opinion, the blockchain will gain popularity only when there is "a critical mass of users in the entire world of finance."

The new head of digital assets believes:

“In the next five to ten years, we will see a financial system in which all assets and liabilities are embedded in the blockchain, and all transactions initially occur on the chain.”

McDermott is confident that “since the Bitcoin booma few years ago, interest shifted from retail and wealthy investors to large institutions. " The financier notes a surge of interest from institutional clients in the blockchain space and their increased focus on cryptocurrency.

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