Goldman Sachs Teams With Digital Asset to Build Open Platform for Tokenized Assets

Announcements, Blockchain, News | November 3, 2021 By:

Digital Asset, a software and services firm helping enterprises build economic value through interconnected networks, has announced that Goldman Sachs has chosen Daml, Digital Asset’s core technology, to develop its end-to-end tokenized asset infrastructure, able to capture the full richness of the rights and obligations, life cycles and cash flows of any instrument in a distributed ecosystem of participants – including public and permissioned blockchains.

The project is global in scope and reinforces Digital Asset’s position at the forefront of digital transformation in global capital markets. In choosing Daml, Goldman Sachs is exploring the full potential of tokenization done right, which offers a dramatic step change in capabilities and operational efficiency.

“We are very excited to work with Digital Asset,” said Mathew McDermott, Managing Director, Global Head of Digital Assets at Goldman Sachs. “As we continue to build out our tokenization capabilities, we needed solutions that could rapidly capture the full complexity and diversity of assets at the heart of our business for both digitally native or tokenized traditional assets, and be interoperable across multiple blockchains. It is critical to create distributed networks and digitization workflows across financial institutions and clients, interconnecting traditional and new market infrastructure. Daml-driven solutions, selected by leading market operators, could be an accelerator for us to achieve this.”

This announcement builds on Digital Asset’s strategic long-term vision to build a Global Economic Network of interconnected businesses. The company has recently announced partnerships with other financial giants, most recently Deutsche Börse, and Daml has been selected for production rollout at several of the world’s top exchanges, including Bursa MalaysiaHKX and ASX. Daml also powers daily processing of around $35B in repo transactions through its work with Broadridge.

“Globally, regulated capital markets have been on a multi-decade journey to full digitization,” said Eric Saraniecki, Co-Founder and Head of Strategic Initiatives at Digital Asset. “Tokenization done right offers a dramatic step change in capabilities and operational efficiency. Daml-based tokenization platforms can provide the capability to capture the full complexity of rights, obligations, and cash flows throughout the life cycles of complex regulated assets on the assets themselves, and they can make that digital representation and workflow accessible and fully automatable across distributed interconnected ecosystems of participants. We are thrilled that Goldman Sachs has selected Daml to explore the full potential of tokenization in its new multi-asset platform.”