Goldman Sachs' new digital asset head: considering launching its own digital currency

According to BlockBeats, the global head of digital assets at Goldman Sachs said in an interview on August 6 that the company is considering launching its own crypto stablecoin. The new global head of the digital assets department at Goldman Sachs recently revealed that the company may set up a new fixed asset department.

Mathew McDermott, 46, who took on the role of global head of digital assets at Goldman Sachs last month, told CNBC today that Goldman Sachs is "exploring the commercial viability of creating our own fiat digital token." However, he added that it's still "early days." McDermott has a radical vision for the market: In a future where all of the world's financial assets are on electronic ledgers, activities like initial public offerings and bond issuances that require a large number of bankers and lawyers can be largely automated.

McDermott has worked in the financial sector for many years and has been employed by Goldman Sachs since November 2005. Prior to that, he worked as an analyst at Morgan Stanley, another multinational investment bank.

Goldman Sachs has been keeping an eye on blockchain technology but has been inconsistent about cryptocurrencies, with the multinational denying Bitcoin as an asset class as recently as May. On the other hand, McDermott said today that when it comes to cryptos, “interest is on the rise” among the bank’s institutional clients, adding that “it feels like there’s a resurgence of interest in cryptocurrencies.”