Goldman Sachs Names Matthew McDermott As New Head Of Digital Assets

Job Appointments | August 7, 2020 By:

Wall Street giant Goldman Sachs has appointed Matthew McDermott as its new global head of digital assets.

McDermott is a managing director who previously was responsible for Goldman Sachs’ internal funding operations. He will replace Justin Schmidt, a former crypto trader and quant who was in charge of Goldman Sachs’ digital assets team over the last two years.

In an interview with CNBC, McDermott projected that “in the next five to 10 years,” a financial system will be totally based on a blockchain, “with all transactions natively happening on chain.”

“So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies,” McDermott said. “And that can be debt issuances, securitization, loan origination; essentially you’ll have a digital financial markets ecosystem, the options are pretty vast.”

McDermott also said that Goldman Sachs is now examining the possibility of creating its own cryptocurrency, possibly a stablecoin.

“We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases,” he said.