Goldman Sachs, a longstanding leader in banking, is moving to enhance its cryptocurrency initiatives by the end of this year. Fortune was the first to publish the news, quoting Goldman's Digital Assets Global Head Mathew McDermott.

Mathew McDermot noted that the firm is planning to launch three significant tokenization projects. Tokenization involves converting real-world assets like real estate and money market funds into digital tokens on blockchain platforms. These projects, with one being the first of its kind in the U.S., aim to cater to the growing interest from major clients.

McDermot said, “There’s no point doing it just for the sake of it. The definite feedback is, this is something that actually will change the nature of how they can invest.”

The push into tokenization by Goldman Sachs comes amidst a general resurgence in the cryptocurrency market, highlighted by the successful launch of Bitcoin ETFs earlier this year. Despite differing opinions within Goldman Sachs regarding the viability of cryptocurrencies as an investment class, McDermott highlighted the bank's active involvement in crypto from an institutional angle, including trading crypto derivatives and participating in ETF markets.