Goldman Sachs has announced Matthew McDermott as the new managing director (MD) of digital assets towards a digital asset technology world. McDermott was earlier the director of the bank’s internal funding operations. McDermott is an elderly veteran member of Wall Street compared to the young cryptocurrency trader and MIT graduate, Justin Schmidt who earlier held the position. This is particularly interesting as McDermott has high regard for the future use of blockchain technology and digital assets in the business market. McDermott said in a recent interview that, “In the next 5-10 years, we will observe a financial system where all assets and liabilities are connected to the blockchain, with all the transactions occurring on blockchain. So, what we are doing today in the physical world, we’ll do it digitally, create wide efficiencies.
A firm with such great status as GS that shows warm sentiments in blockchain use is an optimistic sign for the future cryptocurrency progression and blockchain. This new initiative on blockchain as a tool for efficiency Can have a strong impact on the industry. When we look at a broader concept of blockchain, there is a lot more than going on than we see.
In 2018, JPM developed its own JPMcoin which it uses to process interbank payments. Over the last year, China has done a great push towards making a digital version of its Yuan. Even the USA has considered this blockchain possibility. Payment apps like CashApp and Square have made an impressive amount of revenue with bitcoin-related trading on their platforms. An increasing trend of investment and interest in the financial industry is getting stronger day by day. McDermott further in the interview “We’ve seen an increasing interest across some of our institutional clients who are keen on exploring how to participate in this field. It certainly feels a resurgence of interest in cryptocurrency.
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