In a bid to measure up to its rival, JP Morgan Goldman Sachs new Head of Digital Assets has confirmed that the firm is looking into the prospect of developing a fiat digital token.
The new boss, Matthew McDermott, was appointed last month to head the digital assets department. In his statements to journalists, he explained that blockchain technology is the new gold mine as major companies worldwide are now hoping to exploit it.
Furthermore, he said the firm was hoping to develop its digital token assets in the coming years.
Goldman Sachs develops own fiat digital token
McDermott is not new to the business as he has been a member of the internal funding department for ten years running before he was appointed for the new post.
The new mission that came with his appointment is helping the bank through its vision to adopt blockchain technology.
Goldman Sachs might have found the right person for the job as the new digital head has shown his unwaveringly support for the technology.
In his show of support for blockchain technology, he said that in some years to come, blockchain technology will be adopted by major banks all around the world to carry out most of their operations.
Continuing his statement, he said that when it happens, people will stop doing most physical things that they do in the banks as there would be a digital platform for it.
Some things that we carry out in the banks like debt issuance will be done in a digital platform which will possess a large client base.
Framework for the fiat digital token
McDermott has started making moves copying the idea of JP Morgan’s Head of Digital Assets to make a framework that would support blockchain technology.
In light of this, Goldman Sachs could create a fiat digital token that will look like the JPMCoin even though McDermott didn’t reveal the full details of the coin.
Presently, we are looking at the prospect of making our digital assets, but it’s still early to jump onto that without looking at the use cases.
The Head of Digital Assets also confirmed the thoughts of crypto bulls that Goldman Sachs is not the only big company that has moved into the crypto market.
We have seen an increasing competition amongst some of our clients who have made it clear they are interested in the crypto space.
With the increasing interest shown by big firms, there has been a resurgence in demand for crypto hence the move by Goldman Sachs to launch its fiat digital token.