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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs digital assets chief explains bank's participation in bitcoin ETF boomIn an exclusive on-camera interview, Mathew McDermott, global head of digital assets at Goldman Sachs, explains what the approval of spot bitcoin ETFs in the United States means for the bank. He also outlines some key trends and predictions for digital assets in 2024.
Persons: Goldman Sachs, Mathew McDermott Organizations: Goldman Locations: United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin briefly falls below $39,000 as post-ETF selling pressure continues: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Mathew McDermott, global head of digital assets at Goldman Sachs, explains what the approval of spot bitcoin ETFs in the United States means for the bank.
Persons: Bitcoin, explainers, Mathew McDermott, Goldman Sachs Organizations: CNBC Crypto, CNBC, Goldman Locations: United States
The Goldman Sachs company logo is on the floor of the New York Stock Exchange in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Nov 14 (Reuters) - Fnality, a blockchain-based wholesale payments firm, said on Tuesday it has raised 77.7 million pounds ($95.09 million) in a second round of funding backed by Goldman Sachs and other blue chip financial firms as it awaits Bank of England approval to start operations. UK-based Fnality seeks to bridge the gap between mainstream and digital finance to cut the time and cost of settling, managing collateral and making payments for financial market transactions. Fnality said the round was led by Goldman Sachs and BNP Paribas, with participation from settlement houses DTCC and Euroclear, as well as Nomura and WisdomTree. Finality raised 55 million pounds in its first whip round in June 2019.
Persons: Goldman Sachs, Brendan McDermid, Fnality, Mathew McDermott, Goldman's, Huw Jones, Susan Fenton Organizations: New York Stock Exchange, REUTERS, of, BNP, Nomura, Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, Street, Sumitomo Mitsui Banking Corporation, UBS, Sterling, Bank of England, Thomson Locations: New York City, U.S, DTCC
After an awful 2022 that saw one of the industry's high-profile figures implode, the crypto market is looking for a bounceback. McDermott laid out to Insider's Bianca Chan and Dakin Campbell how tough times for crypto startups mean more realistic valuations and, in some cases, a reevaluation of the business model. Once of the most common critiques I hear about crypto is "It's a solution looking for a problem." The most recent crypto winter could force startups to be a bit more pragmatic about the specific problem they are looking to address. "If you can solve fraud in crypto, you can solve fraud in basically any part of finance," Meier told Insider.
Mathew McDermott oversees Goldman Sachs' crypto and blockchain efforts. He says the worst isn't over for crypto startups. The worst isn't over yet for the crypto industry, according to Goldman Sachs' global head of digital assets. "We're going to see a little bit more pain this year as we see more people struggle" in the crypto industry, Matthew McDermott, global head of digital assets at Goldman Sachs, told Insider. But there may be a silver lining to the crypto carnage: startups running out of runway may be looking for an exit.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman's digital assets lead explains the bank's blockchain strategy and upcoming projectsCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Mathew McDermott, global head of digital assets for Goldman Sachs, discusses big banks' strategy for crypto's underlying technology.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEther drops after SEC's staking crackdown, and Goldman outlines blockchain vision: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Mathew McDermott, global head of digital assets for Goldman Sachs, discusses big banks' strategy for crypto's underlying technology.
In this article GSGSBD Follow your favorite stocks CREATE FREE ACCOUNTwatch nowLast year's havoc in the cryptocurrencies space has allowed for a "flight to quality" among crypto investors, Mathew McDermott, Goldman Sachs' global head of digital assets, said on CNBC's "Crypto World" on Friday. “We do have a crypto trading desk at the firm," he said, noting that the bank only trades cash-settled derivatives, options and futures. Three key areasSpeaking with CNBC's "Crypto World," McDermott pointed to the bank's three key areas of focus in crypto: tokenization, remaking the plumbing of financial markets and the "profound" effect that digital money will have across markets. Collaborating with two other banks, Goldman Sachs launched a tokenization platform that processed a $100 million dollar eurobond from the European Investment Bank. "This we felt was a really important kind of feature for the market," McDermott said, describing Datonomy.
FTX's implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up business, Mathew McDermott, Goldman's head of digital assets, told Reuters. Goldman is doing due diligence on a number of different crypto firms, he added, without giving details. HSBC (HSBA.L) CEO Noel Quinn, meanwhile, told a banking conference in London last week he has no plans to expand into crypto trading or investing for retail customers. Goldman Sachs has also together with MSCI and Coin Metrics launched data service datonomy, aimed at classifying digital assets based on how they are used. The firm is also building its own private distributed ledger technology, McDermott said.
Goldman Sachs plans on spending tens of millions on crypto company investments, Reuters reported. "We have seen more client interest since the demise of FTX," Goldman's head of digital assets said. In fact, the Wall Street giant plans to spend "tens of millions" on investments in crypto companies even after FTX's implosion, Reuters reported on Tuesday. Amid continued layoffs in crypto, Goldman sees the time as a recruitment opportunity to snatch up talent in the industry. Goldman Sachs did not immediately respond to Insider's request for comment.
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