Goldman Sachs Goes Live With Blockchain Platform To Streamline Financial Processing

Investment bank Goldman Sachs Group Inc (NYSE: GS) announced the launch of a tokenization platform GS DAPTM, deployed on the Canton blockchain.

Leading software vendor Digital Asset's Daml smart contract language powers the service.

What Happened: The platform, which was developed with the goal of improving the velocity of transactions, had already been put to the test.

In November, the European Investment Bank issued a 100-million-euro, two-year digital bond on the platform in what was the first fully digitally native bond with same-day settlement and the first syndicated digital bond issued by a public institution to be admitted on the Luxembourg Stock Exchange's Securities Official List.

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Why It Matters: "Our goal from the outset has been to help our clients realize the benefits of end-to-end digital lifecycle processing across tokenized assets, digital currencies, and other financial instruments," said Mathew McDermott, global head of digital assets at Goldman Sachs.

The company further stated the platform's use of blockchain technology aimed to improve the speed and efficiency of transactions and to support digital processing across various financial instruments.

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