Goldman Sachs plans to create independent company for crypto assets

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Goldman Sachs

Goldman Sachs is in negotiations with potential partners to transform its cryptoactive platform into a new independent company, according to a report published by Bloomberg published this Monday (18). The plan, still in its initial phase, calls for the spin-off to be completed within the next 12 to 18 months, subject to regulatory approval.

The new entity will allow large financial institutions to create, trade and settle financial instruments using blockchain technology. Tradeweb Markets, an electronic trading platform, will work in partnership with Goldman Sachs to develop trading use cases for the new company.

Strategy for blockchain adoption

According to Mathew McDermott, global head of digital assets at Goldman Sachs, creating a company with shared ownership by market participants is beneficial for the sector.

“If you're trying to build a scalable marketplace, you need to have the right strategic players embracing this technology,” said McDermott.

Additionally, the bank intends to facilitate secondary transactions involving private digital asset companies, offering liquidity to clients such as family offices. Meanwhile, buyers could benefit from discounts on the private market. Another initiative under analysis is the resumption of loan operations backed by Bitcoin.

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History and advancement in blockchain adoption

Goldman Sachs began its operations in crypto assets in 2021, with the launch of a trading desk. In 2022, the bank introduced its digital asset platform. In March this year, the bank reported growing interest from hedge funds in cryptocurrency-related products.

Over the past two years, the institution has tested the blockchain-based communication system, Canton Network, indicating greater adoption by traditional financial institutions after years of experimentation with this technology. In July, it was announced that Goldman Sachs planned to launch three tokenization projects later this year, focusing on the US fund sector and the European market.

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