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Goldman Sachs to Spin Off GS DAP into Blockchain Venture for Faster Trading and Settlement

Nov 18, 2024, 02:31 PM

Goldman Sachs is preparing to spin off its Digital Asset Platform (GS DAP) into a new, industry-owned blockchain venture aimed at enabling large financial firms to create, trade, and settle financial instruments more efficiently using blockchain technology. The investment bank is in discussions with potential partners to establish this venture, which seeks to leverage tokenization and blockchain technology to reshape financial markets with innovative solutions. Matthew McDermott, Goldman Sachs' global head of digital assets, is involved in this strategic move, reflecting the firm's commitment to doubling down on blockchain technology to expedite asset trading and settlement processes.