The digital asset team at Goldman Sachs Group Inc. indicated it is open to hiring more people and raised the possibility that blockchain technology could enhance the efficiency of markets like private equity.
Mathew McDermott, global head, commented that the bank is still “hugely supportive” of researching blockchain applications and that the division will make “as appropriate” hires this year.
Instead of being a public blockchain like Ethereum, GS DAP is a private one. Hong Kong used it to sell tokenized green bonds for HK$800 million ($102 million), reducing settlement from five days after the trade to one.
Also Read: Hong Kong Prepares to Sell its debut Digital Green Bond
Last month, Goldman started one of its most significant job cuts ever, eliminating around 3,200 people. The market crash of $1.5 trillion in 2022 and the collapse of the FTX exchange left thousands of people unemployed, and the crypto industry is still reeling from these events. Despite recent stability in token values, hiring in the cryptocurrency industry is still the exception rather than the rule.
McDermott mentioned, “The blockchain platform allows investors to see more data, have more transparency, more accurate pricing on an asset, which will encourage more liquidity and hopefully bring in more investors in the secondary market.”
However, development has been relatively slow, and suspicion of cryptocurrencies, in general, has grown due to the collapse of FTX and a string of other explosions.
