Mathew McDermott has assumed the role of global head of digital assets for banking giant Goldman Sachs, touting future blockchain predictions.
"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," McDermott told CNBC for an Aug. 6 article.
Taking over for Goldman's previous head of digital assets Justin Schmidt, London-based McDermott plans to pick up new Asia and Europe-based team members, ultimately growing his lineup by 100%, CNBC said.
The new Goldman brass mentioned a potential future native asset for the investment banking powerhouse.
"We are exploring the commercial viability of creating our own fiat digital token, but it's early days," McDermott told CNBC.The digital move.
Among the advantages of a blockchain-based digital system, McDermott mentioned efficiency, describing the new ecosystem as essentially involving the same activities, except digitally-based instead of physically-based.
"That can be debt issuances, securitization, loan origination; essentially you'll have a digital financial markets ecosystem, the options are pretty vast," he explaine.
Oli Harris, JPMorgan Chase's former head of digital assets strategy who assisted with the outfit's JPM Coin, also recently came on board at Goldman thanks to McDermott, CNBC said.
McDermott also noted increased institutional attention - something the crypto industry has been on the watch for over the past several years.
Recent comments from analytics outfit, Digital Assets Data, revealed the same, as CEO Mike Alfred also described increased vigor from institutional players.
Pomp: Goldman Sachs' Interest In Blockchain Shows Innovation Out of Necessity
Published on Aug 6, 2020
by Cointele | Published on Coinage
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