In 2022, Goldman Sachs developed its own platform for digital assets, GS DAP, on top of Digital Asset’s Daml smart-contract language and Canton, its privacy enabled blockchain.
GS DAP was the platform on which in November 2022 the European Investment Bank launched a €100 million two-year digital bond with same-day settlement. This was a first syndicated digital bond that included cross-chain delivery versus payment against a prototype wholesale version of the digital euro in cooperation with the Banque de France and Banque centrale du Luxembourg.
The deal was also the first to include a representation of associated interest swap data on chain.
The EIB deal was a digital native bond, and GS DAP followed this up in February 2023 with a tokenized one-year green government bond for the Hong Kong government, which encompassed tokenized cash as well as tokenized securities. The on-chain ownership records on GS DAP are the legally definitive and final records of ownership of both the securities and cash tokens.