Goldman Sachs Digital Assets to Spin-Out Technology Platform, GS DAP®

This article originally appeared on the Goldman Sachs website here.

Goldman Sachs announces intent to explore strategic opportunities for GS DAP®

Introduces Tradeweb as first strategic partner to bring new commercial use cases to the platform

LONDON, UK - November 18, 2024 - Goldman Sachs intends to explore strategic opportunities to spin-out its wholly-owned technology platform, GS DAP® from its Digital Assets business, to ultimately become an industry-owned distributed technology solution, subject to regulatory approvals. In tandem with the announcement, Goldman Sachs has also introduced a collaboration with strategic industry partners to underscore a shared commitment to and vision for using distributed ledger technology across financial markets.

GS DAP®, an award-winning technology platform which leverages solutions developed by Digital Asset, is designed to meet the sophisticated needs of market participants in digital capital markets.

Developed as a part of Goldman Sachs' Digital Assets business, the potential spin-out of GS DAP® advances a broader vision to create a distributed ecosystem that allows participants to interoperate seamlessly, efficiently, and at scale. Establishing a new, standalone company independent of Goldman Sachs and its Digital Assets business will help to provide the future runway for digital financial services by ensuring a fit-for-purpose, long-term solution.

"We view permissioned distributed technologies as the next structural change to financial markets and are already demonstrating the meaningfulness of the technology's perceived benefits", said Mathew McDermott, Global Head of Digital Assets at Goldman Sachs. "Delivering a distributed technology solution to a wide cross-section of financial market participants has the potential to redefine market connectivity, infrastructure composability, and to deliver a new suite of commercial opportunities for the buy- and sell-side. We view this as an important next step for our industry as we continue to build-out our digital asset offerings for our clients."

The firm also announced its first strategic partner for the platform. Tradeweb will work with Goldman Sachs to include their trading and liquidity capabilities across the fixed income spectrum in an effort to bring new commercial use cases to GS DAP®.

"We are thrilled to embark on this journey with Goldman Sachs," added Chris Bruner, Chief Product Officer at Tradeweb. "Our goal is to create and utilize a solution that ushers in a new wave of access, liquidity, and interoperability for the digital financial markets, introducing new capabilities to the marketplace that advance market structure and connectivity."

Goldman Sachs will continue to scale its Digital Assets business and progress the platform's technology capabilities while GS DAP® will continue delivering multi-jurisdictional solutions across a spectrum of asset classes and shaping the future of interoperability infrastructure.

For more information about GS DAP® visit: https://developer.gs.com/discover/gs-dap.