American multinational investment bank Goldman Sachs is exploring creating its own cryptocurrency, revealed Mathew McDermott, who is a Goldman Sachs' newly appointed head of digital assets and a managing director who ran the investment bank’s internal funding operations.
CNBC reported that, at Goldman Sachs, McDermott, the newly appointed head of digital assets is expanding his team, doubling its headcount with hires in Asia and Europe.
One Goldman project involves collaboration with JPMorgan, potentially regarding how the two banks’ nascent technology efforts could work together.
said McDermott
“In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain,” said the new digital assets head.
The company also indicated a possible collaboration with other companies, including JPMorgan and Facebook. JPMorgan has created the JPM coin and Facebook has proposed the Libra cryptocurrency project.
Goldman Sachs is reportedly hiring JPMorgan Chase’s head of digital assets strategy - Oli Harris, who was involved in JP Morgan’s cryptocurrency, the JPM coin, and was also a vice president in charge of Quorum, the ethereum-based blockchain platform that underpins the JPM coin.
It is speculated that Goldman's sudden move to cryptocurrency love is result of the recent research which revealed that Wall Street giants are increasingly moving even larger transfers of bitcoin and cryptocurrency as institutional investors in North America pile into bitcoin and cryptocurrency and the trend thought to be rise further.