Goldman Sachs appoints a new global head of digital assets, exec reveals interest in token tied to fiat

Goldman Sachs has promoted a managing director of internal funding operations to its global head of digital assets. The London-based Matthew McDermott stepped into the role in June of this year, and he's already eyeing a possible token project.

McDermott told CNBC that the investment bank is "exploring" the creation of its own fiat-tied token, remarking: "We are exploring the commercial viability of creating our own fiat digital token, but it's early days."


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

JPMorgan released its own coin for blockchain payments last year, and Goldman Sachs seems to be taking notice. McDermott has hired Oli Harris, JPMorgan's former head of digital asset strategy, as an executive director of digital asset strategy. Harris helped develop JPM Coin during his time with the bank. 

McDermott also indicated he's interested in using distributed ledger technology to solve market inefficiencies in the traditional financial system. He told CNBC that the securities finance and repurchasing markets are "ripe for standardization."

Prior to McDermott, Justin Schmidt held the role of head of digital assets. Schmidt's LinkedIn has not been updated to reflect the change in position and Goldman did not comment on Schmidt's position. 

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to or follow her on Twitter for updates @AislinnKeely.