Banking giant Goldman Sachs wants to launch crypto platform

Bitcoin is doing well, prompting banking giant Goldman Sachs to launch its own crypto platform. The focus is on creating and trading financial instruments on blockchains, Bloomberg says.

Goldman Sachs is looking for crypto partners

The investment bank is currently in discussions with potential partners to expand the capabilities of the platform and offer new products, said Mathew McDermott, head of digital assets at Goldman.

Tradeweb Markets, an electronic trading platform, is rumored to become a strategic partner of Goldman Sachs.

The goal is to launch the platform in the next 12 to 18 months. Would Goldman Sachs be too late? And is the bull market already over?

That could just be possible.

However, according to McDermott, it is a good thing for the market if major players from the traditional financial world “step in” and start offering these types of platforms.

Goldman Sachs will launch token products

Goldman Sachs’ focus seems to be mainly on Real World Assets (RWAs). These are tokens that represent real-world financial assets. This includes American government bonds, which then live on a blockchain in token form.

For example, BlackRock launched BUIDL on Ethereum. That fund’s tokens are worth $1 each, and also earn a return in the form of interest, paid by the US government.

In addition to the American debt market, Goldman Sachs also wants to focus on the European markets.

However, they do not want to focus on private individuals, but find it especially interesting to reach financial institutions with their new products. In doing so, they move in a complete direction permissioned blockchains.

This seems to rule out the possibility that Goldman Sachs will launch a fund on Ethereum or other public blockchains. Why? Because it makes it possible to make much faster transactions, which are also a lot cheaper than on Ethereum and other public chains.

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