The new global head of digital assets at Goldman Sachs spoke in an interview about studies of creating a stablecoin. His vision for the future of finance is that they involve Blockchain technology.
For US banking giant Goldman Sachs, issuing its digital currency could be a reality in the not-too-distant future, the investment of the bank new global head of digital assets suggested. In a recent interview with CNBC, Mathew McDermott, who became Goldman Sachs’ global head of digital assets last month, revealed on behalf of the bank:
We are exploring the business feasibility of creating our fiat digital token, but it is still early days as we continue to work on potential use cases.
New director envisions a future Blockchain
McDermott is not new to Goldman Sachs. According to his LinkedIn profile, he has been with the company for almost 15 years. While it was only in June that he became the Global Head of Digital Assets bank, before that, for almost 10 years, he was its Global Head of Cross Asset Finance.
But more important, is McDermott’s vision of the future of finance. The recent appointment of the director appears to be leading the bank towards a future based on Blockchain technology, where all financial assets reside on distributed ledgers.
Goldman Sachs Considering Stablecoin Creation
Although McDermott told CNBC that it was still too early to advance the development of a Goldman Sachs digital currency, the new director seems to be advancing in a strategy that contemplates the study of creating a stablecoin or stable coin that would be linked to money. trust.
As reported by news channels, Goldman Sachs’ new global head of digital assets is working to expand his team by “doubling his workforce with hires in Asia and Europe.” Among one of his first hires is Oli Harris, who was previously JP Morgan’s chief strategy officer and helped the financial company launch its cryptocurrency, JPM Coin.
This is not the first time that reports on Goldman Sachs have revealed the possibility of the renowned bank following in the footsteps of JP Morgan in developing a digital currency. As DiarioBitcoin reviewed in June of last year, the president and CEO of the bank, David Solomon, highlighted that the entity was conducting a “very extensive” investigation concerning tokenization.
At the time, Solomon also highlighted the value of stablecoins. He assured that stablecoins backed with real money would set the tone for “the direction in which payment systems will go from now on.”
Innovate or die?
However, although Goldman Sachs expressed significant interest in Blockchain technology and cryptography for a long time, the bank’s executives are often skeptical of Bitcoin. During a call with its clients at the end of May, the bank claimed that “cryptocurrencies, including Bitcoin, are not an asset class”, indicating that they did not represent viable investments.
For the time being, the comments from Goldman executives generated a notable controversy, especially after several arguments of the bank for disqualifying cryptocurrencies also applied to traditional assets, including gold.
With recent series of announcements of a possible stablecoin creation by Goldman Sachs, crypto enthusiast, and Morgan Creek Digital co-founder Anthony Pompliano commented in a tweet that innovation was necessary so that traditional banks and financial institutions were not stuck.
By: Jenson Nuñez.