Goldman Sachs is in talks with potential partners as it builds its blockchain-based technology platform, GS DOS.
Editorial
This content was selected, created and edited by the Finextra editorial team based on its relevance and interest to our community.
The Wall Street giant says it wants GS DAP to ultimately be an industry-owned platform as part of a distributed ecosystem using blockchain to streamline institutional trading and reduce settlement times.
The bank has already entered into an agreement with Tradeweb to include its trading and liquidity capabilities across the fixed income spectrum, with the aim of bringing new trading use cases to GS DAP.
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, said: “We see permissioned technologies as the next structural shift in financial markets and are already demonstrating the importance of the perceived benefits of the technology.
“Delivering a distributed technology solution to a broad range of financial market participants has the potential to redefine market connectivity, infrastructure composability and deliver a new set of business opportunities for buyers and sellers . We see this as an important next step for our industry as we continue to grow our digital asset offerings for our clients.
GS DAP is part of Goldman Sachs’ Digital Assets business established in 2022. The bank plans to retain the digital assets team.
Goldman has been working with other firms on industry-wide DLT initiatives for some time. In March, it was part of a group including BNY Mellon and Cboe Global Markets to conduct a series of pilot tests on the Canton Network – a blockchain that connects different banks and financial institutions – in one of the largest experiments of this type in terms of capital. markets. The Canton Network was launched last May by Digital Asset.
