Goldman Sach Will Spin Off Its Crypto Platform

Goldman Sachs is planning to spin off its cryptocurrency platform into a standalone company focused on creating and trading financial instruments on blockchain networks, Bloomberg reported on Nov. 18. The investment bank is in discussions with potential partners to expand the platform’s capabilities and introduce new offerings, according to Mathew McDermott, Goldman’s global head of digital assets. Tradeweb Markets, an electronic trading platform, is expected to be one of the new entity’s strategic partners. McDermott noted that the spinout is projected to be completed within 12 to 18 months, subject to regulatory approvals, though plans are still in their early