Goldman Sachs' head of digital assets says there's still 'a little bit more pain' to come for crypto startups. Here's how he's looking for the silver lining in the industry.
Goldman's digital-asset initiatives have focused on the tokenization of different asset classes, or representing real-world assets as digital tokens on blockchain networks. The process is supposed. The bank also has a crypto trading desk to offer its clients cash-settled derivatives, options, and futures. McDermott's team works across the bank's business lines, but most of the action is happening in asset and wealth management or global markets, he said.
"The way I constructed the business is making sure there are different parts of the business where we can start to generate revenue today," McDermott said, who added he expects his team to be profitable this year. "Actually, as a business over its first three years, we've been self-sufficient where the revenues have covered comp and all the relevant costs that have been allocated to the business and I think that for me has been really important. That gives us credibility," he added. Subscribe to push notifications
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