Goldman Sachs Is Betting on DeFi Infrastructure Agency Blockdaemon


  • Goldman Sachs was once skeptical about cryptocurrency.
  • However the funding banking big continues to fund cryptocurrency corporations.
  • The newest funding funding is a $28 million funding spherical to assist Blockdaemon broaden.

Goldman Sachs has joined in on a large funding spherical to assist blockchain agency Blockdaemon broaden. It’s extra proof that the funding banking big is warming as much as cryptocurrency expertise. 

The funding spherical raised $28 million from traders together with enterprise capital agency Greenspring Associates, crypto lending platform BlockFi, boutique enterprise capital fund Warburg Serres, and Goldman Sachs, based on an announcement immediately. 

The involvement of Goldman Sachs in Blockdaemon’s funding is additional proof that the New York Metropolis-based agency has its eyes on the crypto world. 

“Blockchain is a key driver of innovation within the monetary companies business and Blockdaemon is powering its infrastructure,” Oli Harris, North America head of digital belongings at Goldman Sachs, mentioned in a press release. 

“We’re excited to hitch them as they proceed to offer institutional-grade blockchain expertise to all that wish to leverage it.”

Blockdaemon works to assist corporations set up and use blockchain purposes. It’s closely concerned within the decentralized finance (DeFi) world—a catch-all time period for monetary merchandise that largely run on Ethereum (and use Bitcoin, in some instances) to switch the necessity for banks. 

Goldman Sachs, which is mockingly one of many world’s largest banks, now apparently sees a future in bankless finance. The funding big had beforehand proven curiosity in crypto within the run-up to the 2018 bear market, when the financial institution opened then abruptly shut down a crypto buying and selling desk. Final Could, the agency mentioned that it didn’t think about Bitcoin to be an asset class. 

However earlier this 12 months, the financial institution restarted its cryptocurrency buying and selling desk and is keenly observing the Bitcoin market, based on the agency’s CEO David Solomon.

The Blockdaemon funding isn’t a crypto first for the financial institution, both. Simply final month, the financial institution led a $15 million funding spherical for cryptocurrency analytics agency Coin Metrics. 

The newest funding—which additionally drew participation from Uphold, Voyager Digital Ltd., Illuminate Monetary, and Laborious Yaka—will assist Blockdaemon broaden its world headcount and make acquisitions. 

In line with a Bloomberg report immediately, Blockdaemon helps corporations like PayPal Holdings Inc., Robinhood Markets Inc., and E*Commerce with their blockchain infrastructure. 

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