PANews reported on July 10 that according to Fortune magazine, Mathew McDermott, global head of Goldman Sachs digital assets, said that Goldman Sachs intends to expand its cryptocurrency products, including launching ambitious initiatives in the hot tokenization field; Goldman Sachs plans to launch three tokenization projects with major clients by the end of this year, including its first project in the United States.

While BlackRock and Franklin Templeton are also testing the waters of tokenization, McDermott said the key to success is creating products that investors want, which is why the bank recently hosted a digital asset summit in London attended by more than 500 clients. "If you do it just for the sake of tokenization, it doesn't make sense," he said. "The clear feedback is that this will actually change the nature of how they invest."

McDermott did not provide specifics on the three tokenization projects it plans to launch this year, but said one is focused on the U.S. fund complex and another on debt issuance in Europe. With the U.S. election and potential changes in the government's regulatory stance on cryptocurrencies just months away, McDermott said the bank's opportunities in this area could expand to include the ability to hold spot crypto assets. "There may be other things that we as a company would naturally be interested in, after approval, such as execution and possible sub-custody," he said.