US banking giant Goldman Sachs’ increasing interest in the cryptocurrency space is not unnoticed by many. The company, previously known to criticize the nascent industry, has had a change of heart, evidenced by its recent involvement in the space.
As per the latest reports, the company is looking at expanding its foray into non-fungible tokens (NFTs) and exploring the “tokenization of real assets.” At the Financial Times Crypto and Digital Assets Summit hosted Wednesday, Mathew McDermott, global head of digital assets at Goldman Sachs, reportedly said:
“We are actually exploring NFTs in the context of financial instruments, and actually there the power is quite powerful. So we work on a number of things.”
In March 2022, the Wall Street Investment bank updated its website to feature ‘cryptocurrencies, the metaverse, and digitalization’ on the very front of the landing page. Around the same time, it executed an over-the-counter (OTC) cryptocurrency trade. The bank traded a non-deliverable option, a kind of Bitcoin-linked instrument, in partnership with its trading partner Galaxy Digital Holdings.