Goldman Sachs looking for VP to head digital assets unit

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American banking giant Goldman Sachs is looking for a new vice president to head its digitals assets unit. In a recent job posting, the bank revealed that the new VP will also play a key role in its blockchain initiatives. The job posting comes just weeks after the bank appointed a new head of Digital Assets team and expressed interest in launching a stablecoin.

The new VP, to be based in London, will play a key part in defining and executing “distributed ledger technology (DLT) and blockchain efforts firmwide, including any potential initiatives in the cryptocurrency space.” According to the job posting on its website, the New York-based investment bank will also charge the VP with identifying opportunities where blockchain and digital assets can add value.

The new VP will work alongside Matthew McDermott, the bank’s global head of digital assets. McDermott took office early this month as the bank looks to delve into the digital assets space, a great turnaround from its earlier stance against the industry.

In a May report that was heavily criticized from within the industry and beyond, the bank downplayed digital currencies, claiming, “Cryptocurrencies, including Bitcoin, are not an asset class.” Digital currencies facilitate crime, are too volatile and the trading platforms are too prone to hacks, the bank claimed. For these reasons, it was discouraging its clients from investing in Bitcoin.

However, just a few months later, the bank appointed McDermott, with big plans for its digitals assets division. In an interview, McDermott revealed that the bank is looking at launching its own stablecoin, following in the footsteps of JPMorgan Chase. The two banks could even be collaborating on a project in the near future, he hinted.

McDermott has also set out to expand his team, claiming he aims to double the headcount by hiring aggressively in Europe and Asia. One of his first hires was Oli Harris whom he poached from JPMorgan Chase. Harris was JPMorgan’s head of digital assets strategy and played a key part in the development of JPM Coin.