Goldman Sachs is exploring the possibility of developing its own digital token

A leading global investment Bank, Goldman Sachs, is exploring potential development opportunities to create its own cryptocurrency. As CNBC reported on August 6, the Bank appointed Matthew McDermott global head of digital assets to lead the realization of this dream

Blockchain is the future of financial markets

McDermott has extensive experience in the financial space and considers blockchain technology to be the Foundation of the future monetary system.

He noted:

“In the next five to ten years, you can see a financial system in which all assets and liabilities are embedded in the blockchain, and all transactions initially occur in the chain.”

Blockchain can help streamline distinctive processes in the ecosystem, such as securitization, debt issuance, and loan issuance.

Goldman Sachs has been a notable trendsetter in the blockchain and crypto space, as supporters have followed in its footsteps. Therefore, it aims to go one step higher by launching its own digital token.

McDermott pointed out:

“We are exploring the commercial viability of creating our own Fiat-digital token, but this is just the beginning.”

He also spoke about his radical vision of financial markets as a future in which the monetary assets of the world will be placed on electronic blockchain books.