Goldman Sachs to spin off its crypto platform to accelerate development

The rise in cryptocurrency prices is shaking things up, particularly on the side of the biggest financial institutions.

American bank Goldman Sachs, which has been active in the sector for years, is planning to spin off (or "spin-off") its analysis and investment platform dedicated to digital assets, as Mathew McDermott, one of its managers, told Bloomberg on Monday.

The principle of a spin-off is to create a new entity for a business, usually one with high potential.

Goldman Sachs is reportedly already in discussions with partners to invest in this data and investment platform dedicated to digital assets.

"In the interests of the market, it's crucial to have a tool that is owned by market participants," Mathew McDermott told Bloomberg. "If you're trying to build a platform at scale, you need to have all the participants that matter," he added, noting that Goldman Sachs would keep its dedicated crypto team in-house.

This announcement comes as cryptocurrency markets have surged since the election of Donald Trump, who pledged throughout his campaign to adopt industry-friendly policies.

Last week, bitcoin hit a new all-time high, surpassing $90,000.