Goldman Sachs eyes tokenization projects for institutional clients by year-end


Goldman
Sachs
is
preparing
to
launch
three
tokenization
projects
by
year-end
for
major
institutional
clients,
the
firm’s
global
head
of
digital
assets,
Mathew
McDermott,

told

Fortune
Crypto

in
a
July
10
interview.

McDermott
explained
that
tokenization,
which
is
the
process
of
converting
real-world
assets
(RWA)
into
digital
tokens,
presents
a
critical
opportunity
for
the
bank
due
to
rising
client
demand
for
such
products.

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He
stated:

“There’s
no
point
doing
it
just
for
the
sake
of
it.
The
definite
feedback
is,
this
is
something
that
actually
will
change
the
nature
of
how
they
can
invest.”

Speaking
on
the
projects,
he
stated
that
they
would
be
focused
on
marketplaces
for
tokenized
assets,
speed
up
transactions,
and
diversify
collateral
assets.
Meanwhile,
he
also
revealed
that one
of
the
projects
will
target
the
US
fund
complex,
while
another
will
focus
on
Europe’s
debt
issuance.

Goldman
Sachs’
move
reflects
the

growing
institutional
interest
in
tokenizing
real-world
assets.
The
trend
has
seen
significant
adoption,
exemplified
by
BlackRock’s
BUIDL
fund,
which

surpassed
$500
million
in
assets
under
management
in
less
than
six
months
despite
broader
market
challenges.

Crypto
custody
hints

McDermott
hinted
that
the
firm’s
involvement
in
the
crypto
sector
might
expand
to
include
custodial
services
if
the
government’s
regulatory
approach
changes.

He
said:

“There
could
be
other
things
that
we
as
a
firm
would
naturally
be
interested,
subject
to
approval,
to
do,
like
execution
and
maybe
sub-custody.”

As
the
US
presidential
election
approaches,
crypto
has
become
a
key
political
issue.
The
leading
candidates—President
Joe
Biden
and
former
President
Donald
Trump—have
shown
significant
interest
in
the
industry,
although
their
views
differ.

While
Biden
has
begun
to

soften
his
administration’s
previous
stance
toward
the
sector,
Trump
has
publicly
voiced

strong
support
for
the
industry, promising
to
create
an
environment
fostering
growth.

Due
to
this,
many
crypto
stakeholders
have

publicly
backed
Trump’s
presidency.
They
believe
he
would
implement
regulatory
changes
that
would
allow
the
industry
to
thrive
and
protect
it
from
strict
financial
regulators
like
the
US
Securities
and
Exchange
Commission
(SEC).

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in
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article

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Author: Oluwapelumi Adejumo


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