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Goldman Sachs Delves Deeper into Crypto

McDermott: Crypto Offerings to Expand Amid Market Volatility

Datonomy: Categorizing Digital Assets for Growth

Amidst the recent turbulence in the cryptocurrency market, Goldman Sachs is taking a bolder stance in the industry. According to the firm's executives, they plan to expand their crypto offerings, including initiatives in the burgeoning non-fungible token (NFT) sector.

“We believe there is a role for Goldman Sachs in the digital assets ecosystem,” said Mathew McDermott, head of digital assets for Goldman Sachs Global Markets Division. “We are building a roadmap that includes expanding our service and product offerings in this space.”

The move comes as the digital asset market grapples with volatility, with the collapse of FTX and the ongoing regulatory uncertainty. However, McDermott remains optimistic about the future of cryptocurrencies, emphasizing the “long-term potential” of the industry.

In addition to expanding its crypto offerings, Goldman Sachs is also working on developing a new classification system for digital assets called “Datonomy.” The system aims to categorize digital assets based on their use cases, such as coins, tokens, and NFTs.

“Datonomy will help us to better understand the different types of digital assets and how they can be used,” said McDermott. “This will enable us to provide better advice to our clients and develop new products and services that meet their needs.”

Goldman Sachs' foray into the crypto market is a testament to the growing interest in digital assets from traditional financial institutions. As the industry continues to mature, it is expected that more major banks will follow suit.