- Mathew McDermot, global head of digital assets is currently leading the team at Goldman Sachs responsible for the development of this stablecoin.
- Stablecoin in cryptocurrencies offer benefits of transparency, reliability and efficiency.
- This is being fashioned in the same lines as JPM Coin, the first digital coin from a major bank, launched in 2019.
One of biggest names of investment banking, Goldman Sachs has joined the bandwagon to have its own cryptocurrency in the form of a Stablecoins. Stablecoins, compared to conventional cryptocurrencies like Bitcoin and Ethereum offer advantages like stability of value and has the same usage that of blockchain, which creates a unique user experience that is defined by efficiency, transparency and reliability.
Bullish on Digital Assets
Showing genuine intent to launch the Stablecoins, Goldman Sach has roped in Mathew McDermott as the worldwide head of digital assets. McDermott resume speaks for itself as he has extensive experience in the financial industry. McDermot, in a recent interview to CNBC indicated that Goldman Sach has looked to build towards innovative technology and also remarked that digital assets would form the backbone of the finance sector in days ahead.
And McDermott is not the only new face at Goldman Sachs. His team has roped in another digital asset guru at Oli Harris from Oli Harris. Harris, who was instrumental in the development of the JPM Coin, the stablecoin of JP Morgan. JP Morgan had launched JPM Coin in 2019.
McDermott also revealed that there has been a renewed interest in cryptocurrency and the institutional clients are keen to participate in the area. He further adds that the digital banking processes have become economical and leveraging digitisation of assets would facilitate upgradation and standardisation of the legacy process.
Impact on Transactions
David Solomon, CEO, Goleman Sachs too, has confirmed that his organisation could indeed follow JPMorgan Chase in launching a cryptocurrency. He further commented that tokenization and stablecoins are the future in new-age payment systems.
While many Indian banks have conducted Proof of Concept (POC) projects with blockchain networks, introduction of digital assets such as Stablecoinss are a far cry. However, with expanding interest in cryptocurrencies and market leaders like JP Morgan and Goleman Sachs launching Stablecoinss, the scenario would hopefully change for the better in days ahead.