Financial system and blockchain

According to CNBC, Goldman Sachs is renewing its push into Wall Street’s digital future. Last month the firm made Mathew McDermott, a managing director who ran the investment bank’s internal funding operations, its new global head of digital assets last month. The appointment means the newest face of blockchain and cryptocurrency on Wall Street isn’t a starry-eyed bitcoin evangelist or ostentatious start-up founder, but a 46-year-old veteran of old-school financing markets. McDermott replaces Justin Schmidt, an MIT-educated former crypto trader and quant who ran Goldman’s digital assets team since 2018. “In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain,” McDermott said in an interview. “So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies. And that can be debt issuances, securitization, loan origination; essentially you’ll have a digital financial markets ecosystem, the options are pretty vast.” Goldman’s movements are closely watched in blockchain and crypto circles as proponents have seized on anything the bank does as evidence of the technology’s broader adoption. The bank recently drew the ire of the Winklevoss twins, co-founders of the cryptocurrency exchange Gemini, for a report from its consumer and investment management division that declared that bitcoin isn’t an asset class.

Goldman Sachs is one of the largest and oldest international investment banks, being in business for over 150 years and having close to a trillion dollars in assets. By betting on blockchain as the future of financial markets, Goldman Sachs making it obvious that Blockchain and cryptocurrencies are no longer an unreliable novelty, but a solid new way of doing business.

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