Goldman Sachs DAP

Upon going live, GS DAP was able to reduce the bond issuance settlement for the European Investment Bank “from T+5 to T+0 at a speed of sub-60 seconds with cross-chain atomic Delivery versus Payment (DvP) settlement”. 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.