Goldman Sachs Considers Spin-Out of Digital Assets Technology Platform

Reported by Reuters

Goldman Sachs is exploring options to spin out its technology platform under its digital assets business, according to a source familiar with the matter.

The bank's digital assets initiative has facilitated the adoption of blockchain technology and crypto-linked trading products since its establishment.

Earlier in 2024, the U.S. Securities and Exchange Commission approved spot bitcoin exchange-traded funds, leading to more than a doubling of bitcoin's value this year, making it the largest cryptocurrency.

Though plans for the new company are still in early stages, Goldman aims to execute the spin-out within the next 12 to 18 months, as stated by Mathew McDermott, the bank's global head of digital assets, in a Bloomberg News report.