Goldman Sachs Plans to Spin Off Digital Asset Platform

According to PANews, Goldman Sachs is in discussions with potential partners to spin off its digital asset platform into a new company. This initiative aims to enable large financial firms to create, trade, and settle financial instruments using blockchain technology. Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, revealed in an interview that the bank is negotiating with several market participants while continuing to enhance the platform's capabilities and develop new business use cases. McDermott noted that the plan for the new company is still in its early stages. However, the long-term objective is to complete the spin-off within the next 12 to 18 months, pending regulatory approval. In addition, Goldman Sachs is looking to facilitate secondary market trading for private digital asset companies for its clients. This move is intended to provide family offices and other clients seeking liquidity with easier access to funds, while allowing buyers to benefit from discounts in private markets. McDermott also mentioned that the bank is exploring the resumption of its Bitcoin-backed lending activities.