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Goldman Sachs Group believes blockchain technology can help improve various TradFi markets, such as private equity, and is committed to exploring further use cases for this technology.Bloomberg News report February 28th.
Matthew McDermott, managing director of Goldman Sachs, told Bloomberg that lenders are very supportive of blockchain applications following the recent launch of GS DAP, a blockchain tokenization platform, and there are several more to come. It said it is looking to hire more experts in the field as needed over the next month.
Given that the Wall Street giant recently laid off about 3,200 employees, the interest in hiring blockchain experts further highlights the potential applications of blockchain technology in traditional banking. I’m here.
GS DAP is a private blockchain developed by Goldman Sachs and recently used by Hong Kong to tokenize and sell green bonds. The platform enables settlement within one day after the transaction, as opposed to traditional methods which typically take five days. Private blockchains are generally centralized compared to public blockchains such as Bitcoin and Ethereum.
McDermott believes the GS DAP can be used to tokenize a multitude of traditional financial market assets, including private equity, derivatives and fund units. However, blockchain technology is unlikely to bring improvements to initial public offerings and equities as they are already settled efficiently, he added.
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McDermott said blockchain platforms will provide investors with greater transparency, provide accurate pricing for assets, promote liquidity, and bring more investors to the secondary market.
McDermott also said that it is unlikely that traditional financial transactions will migrate to public blockchains in the near future, and that it will likely take several years due to widespread regulatory uncertainty and distrust of cryptocurrencies. Stated.
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