Goldman Sachs eyes blockchain-focused spin-off
Bitcoin’s value surge in 2024 and regulatory developments could influence Goldman Sachs’ spin-off plans for its digital assets technology platform.
Goldman Sachs is considering spinning out its technology platform within its digital assets business, signalling a potential shift in its blockchain and cryptocurrency strategy. The platform, which has played a significant role in advancing blockchain technology and crypto-linked products, is expected to become an independent entity within 12 to 18 months, according to Mathew McDermott, Goldman’s global head of digital assets.
The bank’s plans come as the cryptocurrency market experiences a resurgence, with Bitcoin more than doubling its value in 2024 following the approval of spot Bitcoin exchange-traded funds by the United States Securities and Exchange Commission earlier this year. The proposed spin-out would likely provide greater operational focus for the platform while aligning with market trends.
Although the project is in its early stages, Goldman Sachs‘ move highlights its commitment to adapting its digital asset strategies amid evolving regulatory and market conditions.
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