Goldman Sachs looking to spin out its digital assets platform
Goldman's digital assets business, since its inception, has aided the adoption of blockchain technology and crypto-linked trading products
Goldman Sachs, opens new tab is exploring options to spin out its technology platform housed under its digital assets business, the Wall Street bank said on Monday.
Plans for the new company are in the early stages, but Goldman aims to execute the spin-out within the next 12 to 18 months, Mathew McDermott, the bank's global head of digital assets, said, according to a Bloomberg News report.
The company's digital assets tech platform, known as GS DAP, will partner with rates and credit trading platform Tradeweb Markets, marking the first tie-up in a bid to expand the platform's uses, Goldman said.
"Establishing a new, standalone company independent of Goldman Sachs and its Digital Assets business will help to provide the future runway for digital financial services," according to the bank.
Goldman's digital assets business, since its inception, has aided the adoption of blockchain technology and crypto-linked trading products.
