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September 25, 2020
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Goldman Saschs investigates the use of blockchain in the financial sector |

Mathew McDermott as Global Head of Digital Resources for Goldman, one of the world’s largest financial banks Saschs plans broadly understood development of technology blockchain in the financial sector.

“In the next five to ten years, we will have a financial system in which assets and liabilities will come from blockchainand all transactions take place in the chain. So what you are doing in the physical world today, you will just be doing digitally creating tremendous efficiency.

McDermott said.

“Wall Street is about to find out why technologists say they’re either going with the times or going bankrupt.”

– added Morgan Creek Digital co-founder Anthony Pompliano.

McDermott plans to acquire new specialists in the field of digitization from Asia and Europe. As a result, it will double the number of its employees. Additionally, the Bank plans to explore the potential of future indigenous assets in investment banking.

“We are exploring the commercial use of our own digital token fiat, but that’s just the beginning. “

McDermott said.

Mathew McDermott’s vision

London-based McDermott sees a future where all the financial assets in the world are based on electronic ledgers. Activities that today require squadrons of bankers and lawyers, such as IPOs and debt issues, could be largely automated.

“It can be debt issuance, securitization, lending. Basically we will have an ecosystem of digital financial markets, the options are quite wide. “

Recently, Ole Harris, former head of digital asset strategy at one of the largest financial holdings in the world, called JPMorgan, was recruited into the team. Chase. Harris was also the vice president of Quorum, the ether-based blockchain platform that underpins the JPM Coin.

There is a growing interest in the digital space of the banking sector among investment clients and large corporations.

“We have noticed a definite increase in the interest of some of our clients who are looking for ways to participate in this space.”

In his previous position as Global Head of Cross Asset Funding, McDermott helped finance Goldman’s trading activities through the use of repo and non-market transactions and debt issuance. The knowledge he gained over the years of work allowed him to obtain the current position.

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