Goldman Sachs is to use technology from Digital Asset to build a tokenised asset infrastructure supporting trades across multiple asset classes on permissioned and public blockchains.
The Wall Street behemoth will put Digital Asset’s smart contract language DAML to work in building out its proposition.
Goldman Sachs strepped up its efforts in the crypto and blockchain space last year, making Mathew McDermott, a managing director at the bank, global head of digital assets and giving him the green light to double his team’s headcount.
At the time, McDermott said of his new beat: “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. So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies.”
McDermott says DAML will help the bank to capture and process the full complexity of rights, obligations, and cash flows throughout the lifecycles of digitally native or tokenized traditional assets, interoperable across multiple blockchains.
He says: “It is critical to create distributed networks and digitization workflows across financial institutions and clients, interconnecting traditional and new market infrastructure. Daml-driven solutions, selected by leading market operators, could be an accelerator for us to achieve this.”