It has been reported according to a recent job posting on the investment firm’s website that the new VP will work with the Digital Assets team in “defining and executing Goldman Sachs’ distributed ledger technology (DLT) and blockchain efforts firmwide, including any potential initiatives in the cryptocurrency space.”
However, the role requires that any applicants be able to identify opportunities where blockchain and DLT digital assets can add value.
As reported, the current global head of digital assets for Goldman Sachs is Mathew McDermott, who assumed the role on August 6.
The recent addition of McDermott and the call for fresh blood indicates Goldman Sachs is taking a more proactive approach to crypto-assets in uncertain economic times.
The latest addition to the Digital Assets Team further indicates Goldman Sachs has changed its tune on cryptocurrency https://t.co/suj3ImMIhu — Cointelegraph (@Cointelegraph) August 19, 2020
McDermott said in an August 6 interview with CNBC that the firm is “exploring the commercial viability of creating a fiat digital token,” purportedly a stablecoin pegged to the US dollar.
“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 chain.”
Thus, the strengthening of the digital assets team comes after an investors’ call in May, in which Goldman Sachs analysts argued that Bitcoin lacked legitimacy, provided no cash flow, didn’t provide diversification, and hadn’t shown any evidence of being an inflation hedge.