Goldman Sachs Has Started Looking For A New VP Of Digital Assets

Goldman Sachs, the investment banking giant, has put out the word that it’s seeking to hire someone new. This person will take on the role of Vice President within the bank’s Digital Assets team of the London-based Global Markets Division.

Seeking Crypto Expertise

As its latest job posting details within the website of the investment firm itself, this new VP will work within the Digital Assets team. It’s expected of this VP to define and execute the blockchain and distributed ledger technology efforts of Goldman Sachs across the firm. This, the job post stipulated, included any form of potential initiative within the cryptocurrency space, as well. The VP will be mandated to identify opportunities where DLT and blockchain could add value to the firm at large.

As it stands now, Goldman Sachs’ Global Head of Digital Assets is one Mathew McDermott, who assumed the role on the 8th of August, 2020.

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Pushing INto Crypto

McDermott’s recent addition, alongside the overall call for new blood within the firm, makes it clear that Goldman Sachs is trying to take a new approach. The investment banking firm is trying to take on a proactive role when it comes to crypto assets within these times of economic uncertainty.

In an interview done on the 6th of August by the CNBC, McDermott made it clear that Goldman Sachs is currently exploring the potential in the commercial viability of stablecoins. In particular, the creation of a fiat digital token, reportedly pegged to the USD as well. McDermott made further speculation that within the next five to ten years, the modern financial system would be based entirely on blockchain. All assets and liabilities would be on this blockchain, and all transactions would occur natively on-chain, as well.

Changing Sentiments

This sudden strengthening of the digital assets team within Goldman Sachs comes after an Investors’ call in May. There, the analysts made the oh-so-wise argument that Bitcoin is an asset that provided no cash flow, lacked overall legitimacy, showed no evidence of being an inflation hedge, and didn’t provide diversification.

While it’s entirely possible that Goldman Sachs is planning to invest in a field they have no faith within, it’s easier to believe that the company has come to realize that digital assets have an intrinsic staying power. It remains to be seen how the investment banking firm will interact with the space, but it’s certainly an interesting time right now.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.