Goldman Sachs’ Daml-based Tokenization Platform Goes Live

Leading American multinational investment banking firm, Goldman Sachs has announced that its new digital asset platform dubbed “GS DAPTM” is now live. According to a release, the new digital assets platform is leveraging Daml, Digital Asset’s core technology to develop and explore the full potential of tokenization.

With the new digital assets platform, Goldman Sachs aims to provide support to clients on the end-to-end digital life cycle across multiple asset classes on permissioned and public blockchains.  

Using Goldman Sachs’ GS DAPTM  platform clients will have access to the full complexity of rights, duties, and cash flow by themselves. Also, digital representation and workflow will be fully automated and easily accessible across distributed interconnected spaces for clients. 

Goldman Sachs in Crypto

In a number of ways, multinational banks have always sought avenues to participate in the crypto ecosystem and provide their clients with exposure to the nascent digital asset class.

Earlier in March, the American investment manager partnered with Galaxy Digital to complete its first over-the-counter (OTC) Bitcoin (BTC) options trading. Additionally, it launched its OTC options trading for Ethereum (ETH) in April to meet up with client’s demands.

While capitalizing on the liquidity crunch that accompanied the market downturn which was made worse by the collapse of FTX, Goldman Sachs has seized the opportunity to acquire crypto investments that suffered exposure. In order to further its position in the nascent industry, the firm earmarked tens of millions to outrightly purchase or invest in these assets that have been discounted due to the contagion.

After bankrupt crypto lender Celsius was plunged into crisis after its bankruptcy filing, Goldman Sachs was one of the firms rumored to acquire the assets of the bankrupt lender. As per an earlier report, the investment manager planned to raise $2 billion from investors to acquire Celsuis’ assets. Also, the financial behemoth participated in a $88 million series B3 funding round for Certik, a blockchain security outfit.

Goldman Sachs’ entry into the cryptocurrency industry comes at a time when regulated and trustworthy players are required.