American investment bank Goldman Sachs, a backer of major cryptocurrency firm Circle, is strengthening its tokenization efforts by partnering with the blockchain startup Digital Asset.<\/p>\n
The partnership enables Goldman Sachs to use Daml, a development framework created by Digital Asset to allow financial institutions to build and execute agreements on blockchain, the company announced Wednesday.<\/p>\n
One of core Digital Asset\u2019s technologies, Daml will help Goldman Sachs develop its own \u201cend-to-end tokenized asset infrastructure\u201d that would support multiple asset classes on private and public blockchains, the announcement reads.<\/p>\n
Mathew McDermott, global head of digital assets at Goldman Sachs, said that Daml-based solutions could potentially accelerate blockchain-based digitization workflows across financial institutions and clients by interconnecting various infrastructures:<\/p>\n
\u201cAs we continue to build out our tokenization capabilities, we need solutions that could rapidly capture the full complexity and diversity of assets at the heart of our business for both digitally native or tokenized traditional assets, and be interoperable across multiple blockchains.\u201d<\/p><\/blockquote>\n
Implementing the eponymous smart contract language, Daml is a platform for building multi-party applications aimed at eliminating double processing and manual work. Some of the world\u2019s largest financial institutions such as BNP Paribas\u2019 securities arm deployed Daml-based smart contracts to develop real-time trade and settlement applications.<\/p>\n
Digital Asset did not immediately respond to Cointelegraph\u2019s request for comment.<\/p>\n