Goldman Sachs plans to spin off its blockchain technology platform to expand its industrial applications

To drive the application of private Block technology in the financial services industry, Wall Street investment bank Goldman Sachs announced on Monday that it plans to spin off its wholly-owned technology platform GS DAP® from its digital asset business, subject to regulatory approval. At the same time, Goldman Sachs also announced that it will collaborate with Tradeweb to integrate its trading and liquidity capabilities in the fixed income field into GS DAP®, bringing new business application cases to the platform. Goldman Sachs stated in the press release that the goal of this spin-off is to build GS DAP® into an industry-shared decentralized technology solution, "Establishing an independent company from Goldman Sachs and its digital asset business will help ensure the platform has solutions that can adapt to future needs, providing a foundation for the long-term development of digital financial services."

"We view permissioned decentralized technology as the next structural transformation of financial markets, and have already demonstrated the expected benefits that this technology is believed to deliver," said Mathew McDermott, Goldman Sachs' global head of digital assets. "Providing decentralized technology solutions to a broad set of financial market participants has the potential to redefine market connectivity, the composability of infrastructure, and create entirely new business opportunities for buyers and sellers."

Goldman Sachs' existing digital asset platform uses a private chain, which requires bank permission to send transactions, unlike public Block chains such as ETH and Solana that do not require such permission. Some Wall Street institutions also use private chains in their digital asset platforms, such as JPMorgan. Some institutions also adopt public chains to run their financial businesses, for example, asset manager BlackRock has launched its tokenized money market funds on multiple public Block chains.