Goldman Sachs one of the world’s largest financial services companies is looking to pounce and invest tens of millions of dollars to buy or invest in crypto companies while the prices are low, following the recent FTX fiasco which had a negative impact on the value of crypto companies.
According to a Reuters article, Mathew McDermott, head of digital assets at Goldman Sachs, “we certainly see some really fascinating prospects, priced much more fairly.” The FTX debacle exposed a need for greater regulation, the bank is conducting due diligence on a number of different cryptocurrency companies.
The FTX issue is an opportunity, according to Goldman. Because FTX was “a poster child in many sections of the ecosystem,” McDermott claimed that the collapse of the cryptocurrency exchange “certainly knocked the market back in terms of attitude.” The core technology, according to McDermott, “continues to perform.”
Since the beginning of November, the FTX liquidation issue and bankruptcy story have completely upended the cryptocurrency market. Companies focused on cryptocurrencies that have some exposure to the troubled corporation are still being impacted by the collapse of FTX. As a result, institutional investors like Goldman are searching for chances to invest and acquire at lower prices as FTX’s effects are driving down valuations.
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