Goldman Sachs has appointed a new global head of digital assets as part of a new crypto-oriented vision, CNBC has learned.
Mathew McDermott, a managing director who previously was responsible for the bank’s internal funding operations, replaces Justin Schmidt, a former crypto trader and quant who was in charge of Goldman Sachs' digital assets team over the last two years.
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The newly-appointed head of digital assets is confident that "in the next five to 10 years," a financial system will be totally based on a blockchain, "with all transactions natively happening on chain."
"So what you are doing today in the physical world, you just do digitally, creating huge efficiencies. And that can be debt issuances, securitization, loan origination; essentially you will have a digital financial markets ecosystem, the options are pretty vast," McDermott added.
Earlier, iHodl reported that according to JPMorgan Chase & Co. strategists, the younger generation has no interest in gold, while older ones are actively investing in precious metal which recently updated all-time record high.
In June, the Gemini cryptocurrency exchange owned by the Winklevoss twins, hired former Goldman Sachs executive Jeremy Ng to serve as the region's managing director.
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