The digital asset team at Goldman Sachs Group Inc. has suggested that it is open to adding additional personnel. Also, they have brought up the idea that blockchain technology might improve the efficiency of markets such as private equity.
According to comments made by the global president of the bank, Mathew McDermott, the bank is still “hugely supportive” of the study into the uses of blockchain technology, and the division will make hiring “as appropriate” this year.
The GS DAP blockchain is not open to the public like Ethereum’s; rather, it is a private blockchain. Because of this, Hong Kong was able to sell tokenized green bonds for HK$800 million ($102 million), which brought the settlement time down from five days following the deal to only one.
Almost 3,200 individuals lost their jobs when Goldman Sachs began one of the most substantial rounds of layoffs in company history last month. The $1.5 trillion market meltdown in 2022 and the collapse of the FTX exchange both resulted in the loss of employment for thousands of workers, and the cryptocurrency sector is still suffering from the effects of these events. In spite of the recent stability in token prices, the cryptocurrency business is still more the exception than the norm when it comes to recruiting new employees.
According to what McDermott said, “The blockchain platform enables investors to access more data, have more transparency, and more accurate pricing on an asset,” all of which will stimulate greater liquidity and ideally bring in more investors in the secondary market.
Nevertheless, progress has been rather gradual, and popular skepticism towards cryptocurrencies has developed as a result of the failure of FTX and a series of other explosions.
Compiled by Coinbold