US-based investment bank Goldman Sachs plans to buy or invest in a crypto company.
After the collapse of FTX, credibility problems began to be experienced in the crypto market. In fact, many exchanges have revealed their existence under the name of transparency. Although this is a small breath for investors, there are many situations that need to be overcome. The issue of reliability showed that new rules, especially regulations, should be introduced. Goldman also sees the current market as a door of opportunity.
Goldman Sachs Wants To Take Advantage Of The Crypto Market
Goldman Sachs is aiming to spend tens of millions of dollars buying or investing in crypto companies after the collapse of the FTX stock market hit valuations and dampened investor interest.
Goldman’s Head of Digital Assets, Mathew McDermott, told Reuters; He stated that the collapse of FTX has increased the need for more reliable, regulated cryptocurrency players. At the same time, he said he saw an opportunity for big banks to get business. He also added, without giving details, that the investment bank has done due diligence on several different crypto firms.
The amount Goldman could potentially invest isn’t big for the Wall Street giant, which made $21.6 billion last year. However, his willingness to continue investing amid the industry turmoil indicates he perceives a long-term opportunity.
Referring to the bankruptcy of FTX, McDermott said:
“This has definitely pushed the market back in sentiment, there’s no doubt about it. FTX was a poster child in many parts of the ecosystem. But again, the underlying technology continues to perform.”
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