Goldman Sachs has announced plans to explore strategic opportunities for spinning out its GS DAP® technology platform from its Digital Assets business, aiming to transform it into an industry-owned distributed technology solution, pending regulatory approval. Along with this announcement, the firm revealed a collaboration with key industry partners to drive the adoption of distributed ledger technology (DLT) across financial markets.
GS DAP®, an award-winning platform developed in partnership with Digital Asset, is designed to meet the advanced needs of participants in digital capital markets. The potential spin-out is part of Goldman Sachs’ broader vision to create a distributed ecosystem that enables seamless, efficient, and scalable interoperability among market participants. By establishing GS DAP® as an independent company, Goldman Sachs aims to offer a long-term, fit-for-purpose solution to support the future of digital financial services.
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, commented, “We view permissioned distributed technologies as the next structural change to financial markets and are already demonstrating the meaningfulness of the technology’s perceived benefits. Delivering a distributed technology solution to financial market participants could redefine market connectivity and infrastructure, unlocking new commercial opportunities.”
In addition, Goldman Sachs introduced its first strategic partner for the platform, Tradeweb, which will integrate its trading and liquidity capabilities across the fixed income market. This partnership aims to enhance GS DAP® with new use cases and further innovation in market structure and connectivity.
Chris Bruner, Chief Product Officer at Tradeweb, said, “We are thrilled to embark on this journey with Goldman Sachs to create a solution that brings new access, liquidity, and interoperability to digital financial markets.”
Goldman Sachs will continue to expand its Digital Assets business while GS DAP® will focus on providing multi-jurisdictional solutions and shaping the future of interoperability infrastructure across asset classes.
