Join Our Telegram channel to stay up to date on breaking news coverage
Goldman Sachs is joining other Wall Street giants in diversifying into crypto with plans to launch three tokenization projects this year amid growing interest from clients.
The funds will target institutional clients in the US and Europe, the global head of digital assets Mathew McDermott told Fortune in an interview, adding that the investment bank also plans to create marketplaces for tokenized real-world assets (RWA).
Goldman Sachs to launch three tokenization projects by end of year, says digital assets chief. https://t.co/8nqj6pv7xl
— FORTUNE (@FortuneMagazine) July 10, 2024
McDermott attributed the initiative to an “uptick in interest from clients” in digital assets. He noted that the success of Bitcoin exchange-traded funds (ETFs) in the US had “renewed momentum in crypto.”
Since starting trading in January, US spot Bitcoin ETFs have attracted over $50 billion in assets under management.
Tokenized RWAs Gain Traction Among US Firms
The recent initiative by Goldman Sachs comes amid a growing interest in tokenized RWAs among US firms.
The $10 trillion asset manager BlackRock has already dipped its toes into the tokenization space with its BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which has around $500 million in assets under management.
Franklin Templeton also has $400 million in assets under management for its OnChain US Government Money Fund (FOBXX) and a BENJI token on the Polygon and Stellar blockchains.
McDermott noted that Goldman Sachs would not use public blockchains like Ethereum for tokenization projects like BlackRock did. Instead, it plans to use permissioned networks to remain compliant.
The investment bank also plans to expand into crypto with “execution” and “sub-custody,” McDermott said. However, this expansion will depend on whether the US government softens its stance towards the crypto industry.
Also Read:
PlayDoge (PLAY) – Newest ICO On BNB Chain
- 2D Virtual Doge Pet
- Play To Earn Meme Coin Fusion
- Staking & In-Game Token Rewards
- SolidProof Audited – playdoge.io
Join Our Telegram channel to stay up to date on breaking news coverage
Credit: Source link
