Goldman Sachs CEO Says Tokenization Will Expand Financial Market Opportunities

Odaily reports: Goldman Sachs CEO David Solomon said during the October 13 earnings call that tokenization is becoming an important trend spanning multiple asset classes and could bring more products, clients, and business. The bank has already tokenized bonds, money market funds, and real estate for some clients.

DeFi, prediction markets, and automated trading are also under discussion, but Goldman Sachs has not announced related specific products. Solomon said blockchain-related activity remains relatively small in scale at present.

Goldman Sachs uses its proprietary GS DAP platform to provide blockchain-based financial asset infrastructure and participated in the tokenization service launched by the Depository Trust & Clearing Corporation (DTCC) in July, and is evaluating scalable applications. Solomon said tokenization can reduce costs, automate processes, and improve liquidity across asset classes.

Solomon said Goldman Sachs supports the passage of the CLARITY Act, despite reservations about some provisions, and is participating in discussions with regulators on market rules. The bank reported third-quarter net revenue of $18.68 billion, with equities business revenue up 72% year-over-year to $6.4 billion. (Bitcoin.com News)