Goldman Sachs’ head of digital assets Matthew McDermott said the bank plans to launch three asset tokenization projects by the end of the year, targeting the US and European debt markets.

Matthew McDermott told Fortune that one of the planned tokenization projects will be aimed at managing debt obligations of the US stock market.

Another project will focus on the tokenization of instruments in the European debt securities market. Together, both projects will cover the current needs of the bank’s institutional clients and will also optimize the procedures for issuing and servicing debt.

McDermott did not disclose the content or timing of the third project, noting only that it will allow Goldman Sachs to diversify its efforts and innovations in the field of asset tokenization.

The top manager added that, unlike its competitors such as BlackRock and Franklin Templeton, Goldman Sachs plans to use exclusive networks of private blockchains when implementing tokenized projects, rather than relying on ready-made solutions of fully decentralized blockchains such as Ethereum.

Let us recall that last year, Goldman Sachs analysts conducted a study of family investment funds’ preferences for various assets. It turned out that a third of such firms regularly invested in digital assets.