Plan Goldman Sachs Bank to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of cryptocurrency exchange FTX sapped valuations and sapped investor interest.
Matthew McDermott, head of digital assets at Goldman, told Archyde.com that the collapse of FTX has increased the need for trustworthy and regulated companies in the cryptocurrency space, adding that large banks see an opportunity to capture this business.
He added that Goldman conducts technical due diligence assessments for a number of crypto companies, but gave no details.
“We see some really interesting opportunities at more reasonable prices,” McDermott said in an interview last month.
FTX filed for Chapter 11 bankruptcy protection from creditors in the United States on November 11 after its dramatic collapse, raising fears of contagion and fueling calls for more regulation of cryptocurrency trading.
Although the amount that Goldman can invest is not large for the Wall Street giant, who recorded profits of $ 21.6 billion last year, his desire to continue investing despite the sector’s setbacks indicates that he sees long-term opportunities.