Recently, Goldman Sachs appointed Mathew McDermott, a former managing director for their investment bank internal funding operations, as head of crypto assets. Shortly after he was appointed, he revealed several things that indicate the multinational investment bank and financial service company’s beliefs about blockchain and digital assets. The Bitcoin ecosystem is flourishing, and with institutional interest in blockchain technology and cryptocurrency from Goldman Sachs, you can expect Bitcoin to continue to thrive.
Mathew McDermott is optimistic about blockchain and crypto’s future.
“In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on blockchain,” said McDermott. “So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies. And that can be debt issuances, securitization, loan origination; essentially, you’ll have a digital financial markets ecosystem, the options are pretty vast,” he opined. If comments of the head of crypto assets at Goldman Sachs are any indication, we may see financial institutions digitizing their current processes in the near future.
Blockchain adoption grows amid the ongoing global pandemic.
In the midst of the global pandemic, the regulators all over the world are looking for safer ways to allow businesses to work that does not require human to human contact. The blockchain technology that underpins most cryptocurrencies has been proved to beneficial in such cases as the technology removes the need for paperwork. Earlier, the US Senate proposed blockchain voting during the lockdown. The proposed bill sought a blockchain-based distribution of medical equipment. Central banks around the world are also working on CBDCs.