PANews reported on November 18 that according to Bloomberg, Goldman Sachs Group is in talks with potential partners and plans to spin off its digital asset platform into a new company for large financial companies to create, trade and settle financial instruments through blockchain technology.
Mathew McDermott, global head of digital assets at Goldman Sachs, said in an interview that the bank is in talks with multiple market participants about the plan while continuing to expand the platform's functionality and develop new business use cases. McDermott said plans for the new company are still in the early stages, but the long-term goal is to complete the spin-off within the next 12 to 18 months, subject to regulatory approval.
Additionally, McDermott said Goldman is looking to provide its clients with secondary market trading facilities for private digital asset companies. This could give family offices and other clients seeking liquidity easier access to capital while allowing buyers to take advantage of discounts in private markets, he said. The bank is also looking to resume its bitcoin-backed lending activities, he added.
