2024

Donald Trump

BlackRock

<p>Goldman Sachs is joining other Wall Street giants in diversifying into crypto with plans to launch three tokenization projects this year amid growing interest from clients.</p> 
<p>The funds will target institutional clients in the US and Europe, the global head of digital assets Mathew McDermott <a href="https://fortune.com/crypto/2024/07/10/goldman-sachs-launch-tokenization-bitcoin-etfs-crypto-mcdermott/" target="_blank" rel="noopener">told</a> Fortune in an interview, adding that the investment bank also plans to create marketplaces for tokenized real-world assets (RWA).</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Goldman Sachs to launch three tokenization projects by end of year, says digital assets chief. <a href="https://t.co/8nqj6pv7xl">https://t.co/8nqj6pv7xl</a></p> 
 <p>— FORTUNE (@FortuneMagazine) <a href="https://twitter.com/FortuneMagazine/status/1811048756940247155?ref_src=twsrc%5Etfw">July 10, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>McDermott attributed the initiative to an “uptick in interest from clients” in digital assets. He noted that the success of Bitcoin exchange-traded funds (ETFs) in the US had “renewed momentum in crypto.”</p> 
<p>Since starting trading in January, US spot Bitcoin ETFs have attracted over $50 billion in assets under management.</p> 
<h2 id="tokenized-rwas-gain-traction-among-us-firms">Tokenized RWAs Gain Traction Among US Firms</h2> 
<p>The recent initiative by Goldman Sachs comes amid a growing interest in tokenized RWAs among US firms.</p> 
<p>The $10 trillion asset manager BlackRock has already dipped its toes into the tokenization space with its BlackRock USD Institutional Digital Liquidity Fund (<a href="https://insidebitcoins.com/news/blackrock-to-launch-digital-asset-fund-on-ethereum" target="_blank" rel="noopener">BUIDL</a>), which has around $500 million in assets under management.</p> 
<p>Franklin Templeton also has $400 million in assets under management for its OnChain US Government Money Fund (<a href="https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX" target="_blank" rel="noopener">FOBXX</a>) and a BENJI token on the Polygon and Stellar blockchains.</p> 
<p>McDermott noted that Goldman Sachs would not use public blockchains like Ethereum for tokenization projects like BlackRock did. Instead, it plans to use permissioned networks to remain compliant.</p> 
<p>The investment bank also plans to expand into crypto with “execution” and “sub-custody,” McDermott said. However, this expansion will depend on whether the US government softens its stance towards the crypto industry.</p> 
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Goldman Sachs Jumps On Crypto Bandwagon With Plans for Three Tokenization Projects In 2024

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