Goldman Sachs is looking to issue their own crypto token: Here's what we know

It now appears that banking giant Goldman Sachs is fearful of falling behind the competition if they don't start adapting, as they may now be moving to introduce their own crypto token.

This comes shortly after they appointed a new "Head of digital assets" who will be guiding their efforts to implement and leverage the benefits of blockchain and digital ledger technology.

Goldman Sachs accelerates in-house adoption of blockchain technology.

Last month, Goldman Sachs named Mathew McDermott their new global head of digital assets - according to a recent report from CNBC. McDermott supposedly has a "Radical vision" for the global financial markets.

Unlike his predecessor that filled the role, McDermott is not an outspoken crypto advocate and appears to be more focused on blockchain technology rather than digital assets.

"In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on-chain So what you're doing today in the physical world, you just do digitally."

Goldman Sachs may issue their own crypto token in the near-term.

In the interview, McDermott also announced that the bank is currently exploring the possibility of creating a digital crypto asset.

"We are exploring the commercial viability of creating our own fiat digital token, but it's early days as we continue to work through the potential use cases."

Despite his optimistic tone, he declined to reveal whether he personally holds positions in any crypto assets.