Goldman Sachs, which is an investment bank, has said that there is a strong possibility that the company would hire additional workers to strengthen its digital assets division.
Mathew McDermott, the worldwide head of the team, reportedly affirmed in an interview (1) that the bank continues to be “hugely supportive” of blockchain applications.
Hence, even though the digital asset department has a team of staff that presently numbers 70 people, it will want to hire more hands during the year 2023.
Nonetheless, the hiring procedure will be “as appropriate,” according to McDermott’s additional comments.
It is worth noting that the expansion of the digital assets team at Goldman Sachs during McDermott’s tenure has occurred at an impressively rapid pace, which could be interesting to notice.
When he took leadership of the group in the year 2020, there were only four people on the team, and today, there are seventy people on the squad.
In the meantime, the announcement that Goldman Sachs will be expanding its crypto team appears to be another excellent move on the company’s part.
Especially taking into account the fact that Goldman Sachs as a whole conducted one of the most significant rounds of job layoffs to date in January. During that period, the bank laid off at least 3,200 of its workers from various positions.
In addition, the larger cryptocurrency industry is still recovering from the string of explosions that led to the collapse of the $1.5 trillion cryptocurrency market the previous year.
Because of the crash, thousands of people working in the cryptocurrency industry were forced out of their professions during that time.
On the other hand, token prices appear to be steadily establishing their footing at this time. Nonetheless, despite this fact, employment for crypto positions continues to be the exception instead of the rule.
The Blockchain Platform Is Now Available From Goldman Sachs
The first batch of Hong Kong’s digital green bonds was sold on the private tokenization platform GS DAP operated by Goldman Sachs the previous week.
The platform is a private blockchain, unlike Ethereum’s, which is a public blockchain; Hong Kong could sell $102 million worth of bonds using it, and Ethereum’s blockchain is open to the public.
Despite this, Hong Kong has reduced the time it takes to settle trades from five days following the trade to only one.
When McDermott is asked about the GS DAP, he admits that there is a possibility that it might be utilized for other assets, including derivatives, private equity, alternative investments, and fund units.