According to a Bloomberg report on Monday, Goldman Sachs plans to spin off its digital asset platform into an independent company. This new initiative aims to leverage the transformative potential of blockchain technology to fundamentally change the creation, trading, and settlement of financial instruments.
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According to Bloomberg, this banking giant is currently in discussions with potential partners to establish this new company. These collaborations are expected to bring together heavyweight firms in the financial industry to jointly promote the application of blockchain solutions in institutional finance. The new platform will cater specifically to large financial institutions, enabling seamless and secure transactions through distributed ledger technology.
Despite still being in the early stages, Goldman Sachs plans to complete the spin-off within the next 12 to 18 months. The bank's global head of digital assets, Mathew McDermott, revealed this timeline.
By establishing an independent company, Goldman Sachs hopes to focus more on developing blockchain applications and promoting the broader acceptance of digital asset technology within the traditional financial ecosystem.
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