Goldman Sachs’ Digital Asset Head Mathew McDermott Forays into DLT

Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.
  • Mathew McDermott seems to be on a roll in exploring a plethora of opportunities at Goldman Sachs.
  • He will be helming the division of the digital assets as the new global head with a focus on modernising the bank’s repo.

Mathew McDermott seems to be on a roll in exploring a plethora of opportunities at the leading USA based investment banking firm Goldman Sachs. Now, he will be helming the division of the digital assets as the new global head with a focus on modernising the bank’s repo and securities finance businesses with Distributed Ledger Technologies (DLT).

McDermott is based in London, and was promoted to his new position last month, taking over from Justin Schmidt who has been in the position since 2018.

A spokesperson for the bank confirmed that McDermott aims to expand his teams in Europe and Asia as part of the strategy to standardise Goldman Sachs’ financing operations by revamping legacy systems.

Man of the Moment: Mathew McDermott

McDermott has been with the organisation since 2005, and few of his notable stints at the organisation include leading cross-asset financing as the global head and being in charge of the global liquidity products division as the global co-head.

He also happens to be a board member of the International Securities Lending Association (ISLA), a member of the Bank of England’s Money Market Committee as well as the Asset and Liability committee at Goldman Sachs. In 2015, ISLA invited him to join its board of directors along with its current chairman Jonathan Lombardo of Eurex Clearing, as part of its endeavour to strengthen its membership in the board.

Goldman Sachs on a roll

With McDermott’s vast experience and successful stint across multiple positions, his leadership in DLT and cryptocurrency domains at the bank of global repute to is expected to consolidate digitisation of the crypto market. This could reap huge benefits for the bank, as according to a global survey by Deloitte, Distributed Ledger Technologies (DLT) and Blockchain will have a real impact on the digital asset space in days ahead.

One of biggest names of investment banking, Goldman Sachs also recently 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 have the same usage that of blockchain, which creates a unique user experience that is defined by efficiency, transparency and reliability. The team in charge of developing the stable coin is also being helmed by Mathew McDermott.

Blockchain Boom

In May 2020, the Options Clearing Corporation too, unravelled plans to become the first clearinghouse to revamp its securities lending services to a Blockchain network.  Moving on, the Israeli Stock Exchange is also due to launch a centralised Blockchain solution for the country’s securities lending participants.  If trends are to go by, stakeholders are increasingly opting for active Distributed Ledger Technologies (DLT) solution to boost their crypto market.

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