Goldman Sachs appoints new head of digital assets. Goldman Sachs new digital asset global head Matthew McDermott, confirmed the U.S. investment bank was exploring whether to launch its own digital 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,” he said.
McDermott appointed Oli Harris as strategy chief last month. Harris played an significant part in JPMorgan ‘s blockchain, Quroum, and his settlement coin, JPMCoin.
McDermott said he is already looking at how blockchain can make savings in the inefficient repurchase, or “repo”, market used by banks to lend money to one another, as well as credit and mortgage markets.
He also shared that the company might consider collaborating with its rival, JPM, as well as Facebook on future digital asset initiatives. He additionally expressed that he has plans to significantly expand Goldman’s digital asset team, including doubling headcount in both Asia and Europe.