Goldman Sachs remains a leader in traditional finance's embrace of digital assets. At the recent Blockworks Digital Asset Summit in London, Mathew McDermott, their global head of digital assets, reiterated their commitment.

Building a Strong Crypto Presence

McDermott highlighted their 2021 launch of a crypto trading desk. He claims Goldman Sachs is the only bank offering liquidity in cash-settled derivatives, options, and futures for crypto trading. While acknowledging the challenges of 2022's market, he emphasized a significant increase in both client types and trading volume this year.

Regulated Innovation is Key

Goldman Sachs has long been a champion for regulated innovation in crypto and blockchain technology. They believe established financial institutions are best suited to drive meaningful advancements. This aligns with CEO David Solomon's recent Wall Street Journal op-ed, advocating for experienced institutions to take the lead.

Regulations Pave the Way

McDermott sees positive developments in global digital asset regulations, encouraging more traditional institutions to enter the space. He believes the increased clarity and confidence empower these players to invest more readily.

On-Chain Services, A Future Promise

Goldman Sachs recognizes the potential of on-chain services via public blockchains. However, compliance hurdles currently exist. While McDermott personally sees vast opportunities, he remains cautious from a regulatory standpoint. The team is actively monitoring the situation and hopes to capitalize as regulations mature.