Goldman Sachs has revealed its intention to detach its fully owned technology platform, GS DAP, from its Digital Assets division. Goldman Sachs is a global financial institution, offering a wide array of financial services to a diverse clientele that encompasses corporations, financial institutions, governments, and individuals.

Tailored digital solutions The plan is for the platform to evolve into an industry-owned distributed technology solution, pending regulatory approvals. Alongside the announcement, Goldman Sachs has started a partnership with industry players to emphasise a mutual commitment and vision for implementing distributed ledger technology in financial markets. The GS DAP, a technology platform that uses solutions created by Digital Asset, is tailored to address the complex needs of market participants in digital capital markets.

Developed as a component of Goldman Sachs' Digital Assets business, the prospective spin-off of GS DAP promotes a larger vision of establishing a distributed ecosystem where participants can collaborate more efficiently, and on a bigger scale. Creating a new, independent company separate from Goldman Sachs and its Digital Assets division can foster the future growth of digital financial services by providing a tailored, sustainable solution. Officials from Goldman Sachs stated that permissioned distributed technologies represent the next significant transformation in financial markets and are already showcasing the substantial advantages that this technology can offer.

The company has also introduced its inaugural strategic partner for the platform. Tradeweb will collaborate with Goldman Sachs to integrate its trading and liquidity capabilities throughout the fixed-income spectrum, aiming to introduce new commercial applications to GS DAP. Goldman Sachs plans to further expand its Digital Assets business and increase the platform's technological capabilities.

Meanwhile, GS DAP will keep providing multi-jurisdictional solutions across various asset classes. Source: Link .