According to "Fortune Magazine", Goldman Sachs, a bank with a long history of 150 years, is entering the field of cryptocurrency and plans to launch "three tokenized funds" projects before the end of the year.
Details about the Goldman Sachs funds are still scarce, but reports indicate that one will target the U.S. fund industry, while the other will focus on European bond markets. Goldman Sachs is also rumored to be creating a market platform for tokenized assets.
Competitors such as BlackRock, Franklin Templeton and Fidelity have recently entered the field of "real world asset (RWA) tokenization". BlackRock CEO Larry Fink said tokenization was a "new generation" in the market a few months before the company launched its tokenized bond fund product BUIDL. The market value of BUIDL’s product now exceeds $500 million.
Franklin Templeton launched interest-paying on-chain funds and related BENJI tokens on the Stellar and Polygon blockchains; as for Fidelity International, it tokenized the equity of a money market fund.
According to "Fortune Magazine", which quoted Mathew McDermott, global head of Goldman Sachs' digital assets department, as the first report, unlike other competitors, Goldman Sachs mainly focuses on using permissioned blockchain architecture rather than using decentralized systems such as Ethereum. ized blockchain, citing regulatory concerns. Goldman Sachs initially invested in permissioned blockchain in 2021.
Mathew McDermott has long been an advocate of digital transformation, particularly blockchain. The 19-year veteran of a major Wall Street bank helped Goldman Sachs establish its digital assets unit in 2021 and led actions related to the launch of cash-settled cryptocurrency derivatives trading products.
Mathew McDermot’s view contrasts sharply with that of Goldman Sachs Wealth Management Chief Investment Officer Sharmin Mossavar-Rahmani, who told the Wall Street Journal in an exclusive interview in April that she had not seen client demand for cryptocurrencies, referring to Goldman Sachs clients. Understand the company's stance against cryptocurrencies and therefore not seek investment advice.
Previously, Goldman Sachs has cooperated with the European Investment Bank (European Investment Bank) to issue bonds, and has also tokenized sovereign green bonds issued by the Hong Kong Monetary Authority.
"Goldman Sachs Digital Executive: Plans to launch 3 tokenized funds before the end of this year" This article was first published on "Block Guest".
