[ad_1]
Goldman Sachs Group Inc.’s GS digital asset team is exploring the potential for blockchain technology to enhance the efficiency of private equity and other markets.
What Happened: According to the team’s global head, Mathew McDermott, the bank remains “hugely supportive” of exploring blockchain applications and will be hiring “as appropriate” this year.
McDermott told Bloomberg that GS DAP, Goldman Sachs’ private blockchain, had been used by Hong Kong to sell $102 million in digital green bonds, with settlement cut to just one day after the trade.
The team currently comprises 70 members, compared to just four in 2020, but McDermott suggested that he would continue to add staff members as needed.
McDermott explained he could see GS DAP being used for other assets, such as alternatives, fund units, derivatives and private equity.
Also Read: Is The NFT Market Roaring Back To Life? Recent Surge In Activity Says Yes
McDermott stated the blockchain platform would provide investors with more data, transparency and accurate pricing on an asset, which would increase liquidity and attract more investors in the secondary market.
While tokenization has long been seen as a potentially transformative use of blockchain technology, progress has been slow due to concerns about the safety and soundness of public blockchains.
McDermott suggested it could be years before major financial transactions are ported to public blockchains due to regulatory doubts.
It is worth noting Goldman Sachs recently underwent a round of job cuts, with approximately 3,200 positions eliminated.
However, the bank’s digital asset team remained focused on exploring blockchain applications and hiring new staff members as needed.
Read Next: Cryptocurrency Market Booms in 2023: Token Universe Surges 42% To $1.1 Trillion
[ad_2]
Image and article originally from www.benzinga.com. Read the original article here.