Technology
Goldman Readies Plans to Spin-Out Its Digital Assets Platform
- The bank is looking to create separate industry-owned company
- Tech allows firms to issue and settle assets on the blockchain
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Goldman Sachs Group Inc is speaking with potential partners as it plans to spin out its digital-assets platform into a new company for large financial firms to create, trade and settle financial instruments via blockchain technology.
The bank is in talks with a number of market participants on the plans as it continues to build out the platform’s capabilities and develop new commercial use cases, Mathew McDermott, Goldman’s global head of Digital Assets, said in an interview. Plans for the new company are in the early stages, but the long term goal is to execute the spin-out within the next 12 to 18 months, subject to regulatory approvals, McDermott said.