Goldman Sachs (NYSE:GS) intends to explore strategic opportunities to spin-out its wholly-owned technology platform, GS DAP from its Digital Assets business, to “ultimately” become an “industry-owned” distributed technology solution, subject to regulatory approvals.
Goldman Sachs has also introduced a collab with partners to underscore a commitment to and vision for “using distributed ledger technology across financial markets.”
GS DAP, a tech platform which leverages solutions developed by Digital Asset, is designed to meet the needs of market participants in digital capital markets.
Developed as a part of Goldman Sachs’ Digital Assets business, the potential spin-out of GS DAP advances a vision to create a distributed ecosystem that allows participants to “interoperate seamlessly, efficiently, and at scale.”
Establishing a company independent of Goldman Sachs and its Digital Assets business will help to provide the runway “for digital financial services by ensuring a fit-for-purpose, long-term solution.”
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs said that delivering a distributed technology solution to a wide cross-section of financial market participants has the “potential to redefine market connectivity, infrastructure composability, and to deliver a new suite of commercial opportunities for the buy- and sell-side.”
The firm announced its partner for the platform. Tradeweb will work with Goldman Sachs to include their trading and liquidity capabilities across the fixed income spectrum in an effort to “bring new commercial use cases to GS DAP.”
Goldman Sachs will scale its Digital Assets business and progress the platform’s tech capabilities while GS DAP will continue delivering multi-jurisdictional solutions across asset classes.
Goldman Sachs is a financial institution that delivers a range of financial services to a client base that includes corporations, financial institutions, governments, and individuals.
Goldman Sachs’ Digital Assets business is focused on accelerating the potential adoption of digital assets and a blockchain-powered financial system through “accessibility, education, and the development of an innovative product offering.”
The Digital Assets business ensures a “holistic experience” for Goldman Sachs clients by offering a range of capital markets solutions using blockchain tech (including GS DAP) and a suite of “crypto-linked trading products.”
