Goldman Sachs has announced three tokenization projects that are set to launch in 2024. Indeed, the bank is the latest finance juggernaut to make significant strides in the digital asset market. It joins asset management firms like Fidelity in taking on the growing market.
The institution’s Global Head of Digital Assets, Matthew McDermott, disclosed the new projects in development during an interview with Fortune. $9 trillion asset manager BlackRock launched its tokenized BUIDL fund in March. It has recently surpassed $500 million in assets under management.
Also Read: Goldman Sachs Calls Bitcoin ETF Approval a ‘Psychological Turning Point’
Goldman Sachs to Launch Tokenization Project in the US This Year
With the approval of Spot Bitcoin ETFs in January, the crypto market has expanded significantly. That is only set to continue. Indeed, Goldman Sachs recently confirmed its plan to launch three tokenization projects in 2024. It is yet another notable finance firm that is exploring exposure to the digital asset space.
“There’s no point doing it just for the sake of it,” McDermott told Fortune. Speaking on growing demand, he noted that “the definite feedback is, this is something that actually will change the nature of how they can invest.”
![SEC Charges Ex-Goldman Sachs Employee With Insider Trading](https://watcher.guru/news/wp-content/uploads/2023/09/goldman-sachs-layoffs-1200-1667256738-1024x536.jpg)
![SEC Charges Ex-Goldman Sachs Employee With Insider Trading](https://watcher.guru/news/wp-content/uploads/2023/09/goldman-sachs-layoffs-1200-1667256738-1024x536.jpg)
Also Read: Goldman Sachs Lists Two Stocks As ‘Strong Buy’
The $1.64 trillion investment bank recently held a digital asset summit in London. That event saw more than 500 of its clients attend. For Goldman Sachs, the arrival of crypto-based ETFs was a turning point. McDermott called the investment products “renewed momentum in crypto.”
McDermott noted that the firm is maintaining its approach to digital assets at an institutional level. “We’ve continued to see, certainly this year, an uptick and a broadening in the product suite that clients would like to see available,” he added.
Moreover, he noted that there is still more they want to do in the space. “There could be other things that we as a firm would naturally be interested, and subject to approval, to do,” he said. Among those, he noted “sub-custody” as a potential option.