Mathew McDermott assumed the role of global head of digital assets for banking giant Goldman Sachs, promoting future blockchain predictions.

„Over the next five to 10 years, you could see a financial system in which all assets and liabilities are native to a blockchain, and all transactions are native to the blockchain,“ McDermott told CNBC for an August 6 article.

JPMorgan to test its stablecoin ‚JPM Coin‘ in late 2019

Tweeting the appointment on Aug. 6, Morgan Creek Digital co-founder Anthony Pompliano added:

„Wall Street is about to learn why technologists say innovate or die.“
McDermott’s big plans include expansion
Assuming the position of Goldman’s former head of digital assets, Justin Schmidt, McDermott, based in London, plans to pick up new team members based in Asia and Europe, which will eventually increase his lineup by 100%, CNBC said.

In addition, Goldman’s new head mentioned a potential future native asset for the driving force in investment banking. „We are exploring the commercial viability of creating our own digital trust token, but it’s still early days,“ McDermott told CNBC.

Ordinary people are coming to Bitcoin, says Digital Assets Data CEO

The digital movement
Among the advantages of a digital blockchain-based system, McDermott mentioned efficiency, describing that the new ecosystem essentially involves the same activities, except for those that are digitally based rather than physical.

„It can be debt issuance, securitization, loan origination; you essentially have an ecosystem of digital financial markets, the options are quite broad,“ he explained.

JP Morgan says Bitcoin is 25% below its intrinsic value

Oli Harris, former head of digital asset strategy at JPMorgan Chase who helped with the team’s JPM Coin, also recently joined Goldman thanks to McDermott, CNBC said.

McDermott also highlighted increased institutional attention, something the cryptomoney industry has been watching for the past few years. „We have definitely seen an increase in interest from some of our institutional clients who are exploring how they can participate in this space,“ he said, noting the feelings of renewed crypto enthusiasm in all quarters.

Recent comments from the analysis team, Digital Assets Data, revealed the same, as CEO Mike Alfred also described increased interest from institutional players.