Goldman Sachs will work with Digital Asset’s core technology to develop its end-to-end tokenised asset infrastructure supporting the end-to-end digital life cycle across multiple asset classes on permissioned and public blockchains.
The investment bank will use Daml – Digital Asset’s platform for building multi-party applications that run across new technologies and legacy infrastructure – to move its tokenisation plans forward, a concept the financial services community sees as creating efficiencies and opportunities in the future for both traditional and illiquid assets.
The move for the investment banking giant is a major development in its digital assets endeavours under the leadership of Mathew McDermott who joined just over a year ago with big ambitions.
“As we continue to build out our tokenisation capabilities, we needed solutions that could rapidly capture the full complexity and diversity of assets at the heart of our business for both digitally native or tokenised traditional assets, and interoperable across multiple blockchains,” said McDermott.
“It is critical to create distributed networks and digitisation workflows across financial institutions and clients, interconnecting traditional and new market infrastructure. Daml-driven solutions, selected by leading market operators, could be an accelerator for us to achieve this.”
For Digital Asset, the agreement underscores its growing impact across financial services as incumbent players tap its smart contract language and distributed ledger technology capabilities for their own digital evolutions.
Last month, Deutsche Börse announced it had partnered with the tech firm to build a fully digital post-trade platform called D7. This followed exchanges in Australia, Singapore and Hong Kong leveraging Daml to revamp to their technology platforms.
In June, Digital Asset also partnered with Nasdaq to allow customers to leverage applications built in Daml and connect them seamlessly into the Nasdaq Marketplace Services Platform.
“Globally, regulated capital markets have been on a multi-decade journey to full digitisation,” said Eric Saraniecki, co-founder and head of strategic initiatives at Digital Asset. “Tokenisation done right offers a dramatic step change in capabilities and operational efficiency. Daml-based tokenisation platforms can provide the capability to capture the full complexity of rights, obligations, and cash flows throughout the life cycles of complex regulated assets on the assets themselves, and they can make that digital representation and workflow accessible and fully automatable across distributed interconnected ecosystems of participants. We are thrilled that Goldman Sachs has selected Daml to explore the full potential of tokenisation in its new multi-asset platform.”