June 7, 2022

The Evolution Of Digital Assets with Mathew McDermott, Global Head of Digital Assets, Goldman Sachs

Rob Underwood, Global Open Source Lead, and Felix Yip, Global Head of Digital Assets Engineering, Goldman Sachs

Recently, Mathew McDermott, Goldman Sachs' Global Head of Digital Assets, joined Jeremy Allaire, Circle's Co-Founder and CEO, on “The Money Movement” podcast. Mathew discusses with Jeremy the tokenization of assets, smart contracts, the role of open source, and more. View Mathew and Jeremy's conversation. For additional content on this topic, check out Mathew's appearance on Exchanges at GS in which he discusses the outlook for digital assets.

Digital assets are driving significant innovation in many industries, including financial services. Goldman Sachs has taken a multi-pronged approach to digital assets and underlying blockchain technologies and is considered one of the market leaders in this new space by the industry. One aspect of our strategy is launching new products and services, helping our clients to realize benefits of end-to-end digital lifecycle processing across tokenized tokenized assets, digital currency, cryptocurrency derivatives and financing products. In April, we launched our first bitcoin secured loan and in March, we executed our first bitcoin options trade (after launched Non-Delivered Forward in 2021) – both achievements are firsts for major Wall Street Banks.

For tokenized securities and non-securities assets, GS Digital Assets business and engineering are leveraging blockchain technologies and smart contracts as foundational technology to enable digital issuance for our clients across debt, equities, funds and derivatives, and digitize their subsequent end-to-end lifecycles across trading, settlement, custody and asset servicing on and across the distributed ledger(s) on public and private blockchains, including the build-out of strategic GS DAP digital tokenization and lifecycle platform hosted on a Cloud-based Private Consortium Ethereum blockchain to be joint by market participants (banks, custodians, issuers, investors, etc.). In April 2021, Goldman Sachs was the joint lead manager together with Santander and Société Générale for European Investment Bank's pioneer €100 million two-year digital natively bond syndicate issuance on Ethereum blockchain which won the Euromoney's 2021 Financial Innovation Award.  

Goldman Sachs is also making strategic investments in companies in the digital asset and blockchain area, such as ElwoodBlockdaemonCoin Metrics and Digital Asset, the latter which is the creator of the open sourced language, DAML, which we are using to build the aforementioned tokenization and lifecycle platform. Nearly all blockchain technology is based on open source, and is another example of how "Goldman Sachs runs on open source" and why we've committed to engaging further with, and contributing more to the open source community, especially around key imperatives such as securing the open source supply chain

If you're interested in learning about digital assets, check out our Digital Assets Resources page on Marquee. Goldman Sachs clients will also find additional resources on Marquee such as our Digital Assets dashboard and our cryptocurrency datasets, which are our key content offering collaboratively delivered by Digital Assets, Digital Assets Engineering and Marquee Engineering.  

Finally, if you'd like to work on digital assets, cryptocurrency and blockchain technologies with Goldman Sachs, view our software engineer job openings in our New YorkHong KongSingapore, India and London offices or reach out to Felix Yip. Also check out our careers page for other opportunities that may be of interest to you.

See https://www.gs.com/disclaimer/global_email for important risk disclosures, conflicts of interest, and other terms and conditions relating to this blog and your reliance on information contained in it.