原文标题：Goldman Sachs to launch three tokenization projects by end of year, says digital assets chief
Original article by: Leo Schwartz
Original source: https://fortune.com
Compiled by: Mars Finance, Daisy
As peers in traditional finance delve deeper into the cryptocurrency space, including BlackRock’s Bitcoin ETF and Fidelity’s trading platform, Goldman Sachs is preparing to make its own moves. Mathew McDermott, global head of digital assets, told Fortune that the 150-year-old banking giant is seeing a big uptick in client interest.
McDermott said Goldman intends to expand its cryptocurrency offerings, including ambitious moves in the hot tokenization space, where so-called “real-world assets” such as money market funds and real estate assets are issued on public or private blockchains. McDermott said Goldman plans to launch three tokenization projects with major clients by the end of the year, including its first in the U.S.
While BlackRock and Franklin Templeton are also testing the tokenization waters, 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. “Tokenization for the sake of tokenization doesn’t make sense,” he told Fortune. “The clear feedback is that this will actually change the way they invest.”
Different opinions
After the FTX crash triggered a crypto winter, the market rebounded strongly this year, thanks to the launch of a Bitcoin ETF in January. According to financial documents, Goldman Sachs played a key role in the ETF launch as an authorized participant, meaning it will assist with the redemption and creation mechanisms for investment vehicles, including BlackRock’s IBIT ETF.
McDermott described the launch of ETFs as “new momentum in the cryptocurrency space,” though his bank doesn’t share that view. In April, The Wall Street Journal published an interview with Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs Wealth Management, in which the finance veteran said she doesn’t consider cryptocurrencies an investment asset class and doesn’t see much interest from clients.
“The good news is that for institutions of our size, people view it differently,” McDermott told Fortune. He said Goldman has been more active in crypto from an institutional perspective, including trading cash-settled crypto derivatives on behalf of clients and participating in the ETF market. “We continue to see, certainly this year, an increase and expansion of the suite of products that clients want to see,” he said.
Tokenization remains a core part of the bank’s plans. Goldman Sachs has already made forays into the space, including a 2022 bond issuance with the European Investment Bank, a 2023 tokenized sovereign green bond for the Hong Kong Monetary Authority, and the launch of the Goldman Sachs Digital Asset Platform in 2023 to facilitate asset tokenization.
The largest tokenized offering this year was BlackRock’s treasury fund BUIDL, which reached $500 million on Monday and operates on the public blockchain Ethereum. McDermott said BlackRock, as well as similar funds from Franklin Templeton, are targeting a retail client base, while Goldman is more focused on institutional clients and will work exclusively with private blockchains due to regulatory restrictions. He said the bank’s goal is to create actual markets for tokenized assets and make advances in speed and the types of assets that can be used as collateral.
McDermott declined to provide specific details on the three tokenization projects that will be launched this year, but said one is focused on the U.S. fund complex and another on debt issuance in Europe.
With the U.S. presidential election just months away and the possibility of changes in the government's regulatory approach to cryptocurrencies, McDermott said the bank's opportunities in the space could expand, including the ability to hold spot crypto assets. "As a company, we would naturally be interested in other things, subject to approval, like execution and sub-custody," he told Fortune.
