Goldman Sachs set to go ‘further than ever before’ with new digital asset project
As Originally Published on theblockcrypto.com
Goldman Sachs has launched a new crypto business within its incubator, and it is looking to go “further than ever before” with digital assets, according to a new job listing obtained by The Block.
The new operation, which is separate from its business that trades cryptocurrency derivatives, will explore new digital asset opportunities for the bank, according to a new job ad for a Digital Asset Project Manager.
“Project managers on the Digital Asset team will play an integral role in helping define both the scope and direction of the business,” it said. “In short, we’re evolving, and looking for some of the most talented individuals in the world to help us go further than ever before.”
Although details for the job ad are sparse, insiders say Goldman could be setting its sights on launching something akin to JPMCoin, which is rival JPMorgan’s digital asset aimed at simplifying international transactions between itself and its wholesale clients.
Goldman Sachs chief executive officer David Solomon hinted that the firm would be diving deeper into digital assets in an interview with French news outlet Les Echos. As per CoinDesk, Solomon said Goldman Sachs has been researching stablecoins and asset tokenization.
Specifically, the PM role would help develop the roadmap for the project, collaborating with directing businesses spanning risk, compliance, and finance.
As for the new unit, it sits in Goldman Sachs’ Accelerate team, according to the memo. The new employee (or employees) would report to Justin Schmidt, who leads the bank’s digital asset unit.
Goldman Sachs’ ambitions in the nascent market for digital assets date back to rumors during the bitcoin boom of late 2017 which suggested it was preparing to launch a full-blown trading operation tied to bitcoin. Those ambitions ultimately fizzled, but at a much smaller scale. Currently the firm is trading non-deliverable forwards tied to bitcoin, but volumes have been relatively muted, according to a spokesman.
The job ad, which was released following this story’s publication, can be viewed here.
