Goldman Sachs Ramps Up Development of New Secret Crypto Project

Goldman Sachs Ramps Up Development of New Secret Crypto Project

A new job listing from investment banking giant Goldman Sachs reveals apparent intentions to pursue digital asset development at an unprecedented pace. 

The listing, now live, seeks a Digital Asset Project Manager under the aegis of the bank’s GS Accelerate in-house incubator program.

In a summary of the role, the bank indicates that the future hire will be expected to “develop comprehensive road maps for distributed ledger technology (DLT) development,” “foster a deep understanding of relevant products, technology, and markets,” and “maintain and iterate a complex project planning document with multiple stakeholders.”

While few details of the Digital Asset project are revealed in the listing, the job has notably been classified under the bank’s securities division. 

As part of GS Accelerate, the project will be situated within a fast-paced internal unit that aims to swiftly develop solutions and products that can innovate the traditional financial services industry. 

The listing reflects this urgency, underscoring that the hire will be expected to “work to demanding timescales in a fast-paced team environment,” and that the broader ambition of GS Accelerate is to build out “brand new business ideas for GS, while offering employees the opportunity to work in a fast-paced, entrepreneurial environment.”

This is further indicated in the core desirable skills sought in prospective candidates, which include a “passion for and understanding of digital assets / blockchain / distributed ledger technology, capital markets, and financial services regulations.”

As reported, Goldman’s chief executive David Solomon has recently revealed that he believes global payment systems are heading in the direction of stablecoinscryptocurrencies pegged to fiat assets such as the U.S. dollar.

While stopping short of confirming the bank could pursue a project similar in scope to  JPMorgan Chase’s forthcoming JPM Coin, Solomon said that market participants must assume that all major financial institutions are looking closely at the potential of tokenization, stablecoins and frictionless payments.