Goldman Sachs reveals plans to release its token

Goldman Sachs is considering issuing its own cryptocurrency.

According to CNBC, it could bestablecoin.

In July, Matthew McDermott, who was formerly in charge of internal finance for Goldman Sachs, was named head of digital assets.

McDermott will replace Justin Schmidt, a former crypto trader who has led the Goldman Sachs digital asset team since 2018.

McDermott is confident that the future of global financial markets is directly related to blockchain. He says:

“Over the next 5-10 years, we maya financial system appears where all assets and liabilities will be based on the blockchain, and all transactions will take place in the chain. What is being done in the physical world today will be done digitally with greatly increased efficiency. This can relate to the issuance of debt securities, securitization, the initiation of loans. In fact, an ecosystem of digital financial markets will be created, the possibilities are quite diverse. "

McDermott plans to expand Goldman teamSachs in digital assets, doubling its membership in Asia and Europe. He lured away JPMorgan Chase digital asset strategist Oli Harris, sources said. Harris was involved in the creation of JPM Coin, the first digital currency of a large bank, which was announced last year.

McDermott said that first of all heplans to digitize the repo market, the daily turnover of which usually exceeds $ 1 trillion. According to him, now there are many outdated processes that lead to an increase in the cost of operations, and their standardization on the blockchain will increase the efficiency of the entire system.

In addition, McDermott wants to integrate the distributed ledger into the credit and mortgage markets, and also hinted at the possibility of cooperation in this direction with JPMorgan. Also McDermott said:

“We are considering commercial feasibilitycreating our own fiat digital token, but while this initiative is in its early stages, we continue to explore potential applications. "

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