Goldman Sachs is paving the way for the future of blockchain technology, according to Matthew McDermott, the head of digital assets at the bank.
Despite a recent downsizing that saw approximately 3,200 employees let go, the institution remains committed to exploring the possibilities of blockchain and plans to attract top talent to its Digital Assets division in 2023.
This move comes after Goldman Sachs made headlines for its successful securities lending operation with the HQLAx platform, using blockchain to complete the transaction.
McDermott emphasized that despite the challenges faced by the cryptocurrency industry, the potential of blockchain is still very much alive and can be utilized in various sectors.
In fact, he sees opportunities in acquiring troubled crypto companies facing liquidity issues, as seen after the collapse of the FTX exchange. With only four employees in the division in 2020, the Digital Assets team has since grown to around 70 members and is eager to expand its expertise.
Despite the recent layoffs in trading and banking operations, Goldman Sachs is still dedicated to pushing forward with innovative solutions and technology.