Goldman Sachs is preparing to spin off its digital asset platform into a separate company, betting on the future of blockchain.

According to Bloomberg’s report on Monday, Goldman Sachs plans to spin off its digital asset platform into a separate company. This new initiative aims to harness the transformative potential of Blockchain technology to completely change the creation, trading, and settlement methods of financial instruments.

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According to Bloomberg, the banking giant is currently in discussions with potential partners to establish this new company. These collaborations are expected to bring together heavyweight enterprises in the financial industry to jointly promote the application of blockchain solutions in institutional finance. The new platform will be specifically designed to serve large Financial Institutions, enabling seamless and secure transactions through distributed ledger technology.

Although still in the early stages, Goldman Sachs plans to complete the split in the next 12 to 18 months. Mathew McDermott, the bank’s global head of digital assets, revealed this timeline.

By establishing a separate company, Goldman Sachs hopes to focus more on developing blockchain applications and promoting wider acceptance of digital asset technology in the TradFi ecosystem.

Goldman Sachs is preparing to spin off its digital asset platform. The independent company is striving for the future of blockchain. This article first appeared on Chain News ABMedia.