Goldman Sachs head of digital assets: The future is on public blockchains 

But Goldman’s Mathew McDermott says the bank wants to see public blockchains “mature” before expanding in that arena

article-image

Goldman Sachs’ Global Head of Digital Assets Mathew McDermott | Photo by Ben Solomon Photo LLC for Blockworks

share

Goldman Sachs has been a pioneer in the traditional financial sector with its investment in the digital asset ecosystem, and it’s not slowing down, Mathew McDermott, global head of digital assets at Goldman Sachs, said Tuesday at the Blockworks Digital Asset Summit in London. 

“We launched the desk [in] 2021,” McDermott said, noting that he believes Goldman Sachs is still the only bank that offers liquidity in cash-settled derivatives, options and futures crypto trading. 

“And it’s something that we’ve continued to kind of build on through the last few years and it was great,” McDermott added. “Last year was tough, but this year, we’ve seen a big change not only in terms of the types of clients, but also in terms of volumes.” 

Read more: Goldman Sachs still ‘hugely supportive’ of exploring blockchain applications

Goldman Sachs has long promoted crypto and blockchain technology, arguing that regulated, traditional financial institutions are the ones who will create meaningful innovation. 

Weeks after FTX collapsed, CEO David Solomon penned an opinion piece for the Wall Street Journal asserting that experienced institutions should be leading the path. 

“Although some blockchain start-ups are calling for regulatory oversight, not all have the capability to meet such requirements because they are young organizations,” Solomon wrote in the op-ed. 

Policy developments around the digital asset space are encouraging, McDermott said, and allow for more financial institutions to enter the space.

From our opinion section: DeFi needs institutions — and regulation 

“I look at the regulatory landscape globally and at how that’s progressed in the last couple years, and…it’s actually been pretty remarkable,” McDermott said. “That has actually given a lot of clarity and confidence, quite frankly, for probably a lot of the traditional players to really kind of move forward and invest in this space.” 

When asked if and when the bank may expand its on-chain services via public blockchains, McDermott said there are currently some compliance hurdles, but he hopes the team can move in that direction. 

“Personally, I can see a huge opportunity there,” McDermott said. “But if I put my Goldman hat on, I just know what we can do from a regulatory perspective. It’s something that I think we kind of monitor [and] watch mature.” 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

The deal is made up of $700 million in cash and 11 million shares of Coinbase’s Class A common stock

article-image

Blockworks Research uses numbers to help crypto advance to a higher stage of storytelling

article-image

While Arizona’s governor could veto another crypto reserve bill, similar North Carolina and Texas laws are approaching the finish line

article-image

However, they noted there’s now an increased risk that unemployment and inflation will rise in the coming months. 

article-image

The network’s most ambitious upgrade since the Merge brings validator streamlining, smart account UX and doubled blobspace to Ethereum