Goldman Sachs Is Preparing To Invest “Tens Of Millions” In Cryptocurrency Startups.

In an interview with Mathew McDermott, Goldman Sachs Group’s global head of digital assets. Reuters reported that the company plans to invest tens of millions of dollars in cryptocurrency companies.

After the collapse of the FTX exchange hurt investor interest and valuations.Goldman’s head of digital assets said the company plans to buy or invest in crypto companies.

According to McDermott, big banks see the collapse of FTX as an opportunity to gain business.

McDermott added that Goldman Sachs is doing its due diligence on a number of different crypto firms without giving any more details.

In an interview, McDermott had said, “We do see some really interesting opportunities that are priced much more sensibly.”

“It has set the market back in terms of mood, there’s no doubt about that,” McDermott said. “FTX was the poster child for many parts of the ecosystem. But again, the underlying technology is still working.”

Even though Goldman may invest a small amount, the Wall Street giant made $21.6 billion in 2021. The fact that it is willing to keep investing despite the shakeup in the sector shows that it sees a long-term opportunity.

Goldman has put money into 11 companies that deal with digital assets and offer services like compliance, cryptocurrency data, and blockchain management.