- The leading investment banking firm, Goldman Sachs Group Inc. has promoted Mathew McDermott to become the head of the digital asset markets.
- McDermott has been working with Goldman Sachs for the past 14 years.
The leading investment banking company, Goldman Sachs Group Inc. has promoted Mathew McDermott to become the head of the digital asset markets. Previously, McDermott served Goldman as its Managing Director of the investment bank’s internal funding operations. He has replaced the role of Justin Schmidt, who was appointed as the company’s first Head of Digital Asset markets back in April 2018. McDermott has been working with Goldman Sachs for the past 14 years. He has also served as the company’s Executive Director for European Special Situations and Global Liquidity Products respectively.
McDermott Is An Active Participant In The Mainstream Financial Market
McDermott seems to have expansion plans for the company’s blockchain and crypto sector. When compared to Schmidt, McDermott has been found engaged in the mainstream financial markets. He is an active member of Bank of England’s Money Market and also a board member of the International Securities Lending Association (ISLA).
The Goldman Sachs digital asset head believes that in the next five or ten years we could see a financial system where all our assets and liabilities will be subject to the blockchain with all transactions actively happening on the chain. The founder of Morgan Creek Digital, Anthony Pompliano has tweeted has added that Wall Street is about to witness why technologists stress upon innovations. Pompliano views McDermott’s interest in Blockchain as more of a necessity in financial industries rather than just innovations.
"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.” – Goldman Sachs
Wall Street is about to learn why technologists say innovate or die.
— Pomp ? (@APompliano) August 6, 2020
McDermott Plans To Enhance DLT In Its Systems
In an interview, the new head said that by enhancing the distributed ledger technology the company can standardize management processes on collateral. This will result in much more efficient settlements bringing the system close to real-time settlements. He also announced the possibility of Goldman Sachs issuing its own cryptocurrency token more specifically stablecoin. He explained that the idea is only its initial stages as they are working on the potential use cases. However, he also emphasized the rise of the blockchain technologies there ought to be disruption in the current state of financial markets.
Although McDermott did not disclose any of his cryptocurrency ventures, he firmly believes that the digital asset market is experiencing a resurgence. He has also noticed the recent surge in the company’s institutional clients. He said that the company has seen an uptick in the number of institutional investors who are finding ways to participate in the cryptocurrency sector.