Goldman Sachs to Launch Three Tokenization Projects by Year's End
Goldman Sachs, led by its digital assets chief Mathew McDermott, is planning to launch three tokenization projects by the end of the year, amid growing client interest in digital assets. These projects will involve issuing real-world assets, such as money market funds and real estate, on blockchains. One of these tokenization projects will be in the U.S., and another will focus on debt issuance in Europe.
The bank aims to create products that meet investor demand and recently hosted a digital assets summit in London, attended by over 500 clients. McDermott emphasized the importance of developing products that truly benefit investors.
Goldman Sachs is taking a different approach compared to BlackRock and Franklin Templeton, focusing more on institutional clients and private blockchains due to regulatory constraints. The bank has been active in the crypto market, participating in ETF offerings and trading cash-settled crypto derivatives.
Tokenization is central to Goldman Sachs' strategy, with previous projects including a bond issuance with the European Investment Bank and a sovereign green bond for the Hong Kong Monetary Authority. The bank also launched the Goldman Sachs Digital Asset Platform to facilitate asset tokenization.
With potential regulatory changes on the horizon due to the upcoming U.S. presidential election, Goldman Sachs sees opportunities to expand its crypto services, including possibly holding spot crypto assets, subject to regulatory approval.
Source:
Fortune
Futures Market Updates
In the past 24 hours, BTC futures saw an increase in open interest by 0.73%, with a volume rise of 11.34%. ETH futures, however, experienced a slight decline in open interest by 0.42%, but had a significant volume increase of 21.64%. Both BTC and ETH futures had more long liquidations while their long/short ratios indicate more open short positions.
BTC Futures Updates
Total BTC Open Interest: $28.93B (+0.73%)
BTC Volume (24H): $55.53B (+11.34%)
BTC Liquidations (24H): $27.64M (Long)/$12.38M (Short)
Long/Short Ratio: 48.61%/51.39%
Funding Rate: 0.0019%
Ether Futures Updates
Total ETH Open Interest: $12.59B (-0.42%)
ETH Volume (24H): $24.86B (+21.64%)
ETH Liquidations (24H): $39.25M (Long)/$10.22M (Short)
Long/Short Ratio: 48.79%/51.21%
Funding Rate: 0.0054%
Top 3 OI Surges
OM: $58.13M (+92.11%)
ILV: $9.29M (+87.02%)
ORN: $1.18M (+54.72%)
