Goldman Sachs Plans to Spend Millions in the Crypto Sector
Goldman Sachs plans to spend millions of dollars to buy or invest in undervalued crypto companies in the market doldrums following the FTX implosion as it sees long-term market opportunities, Reuters reported on Tuesday.
Matthew McDermott, Goldman’s head of digital assets, told Reuters in an interview last month that the investment bank sees “interesting” investment opportunities at “reasonable prices.”
The investment bank is conducting due diligence on crypto companies and did not provide further details.
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McDermott added that the FTX crash had undermined sentiment and set the market back, but the underlying technology remained intact; and the fiasco had reinforced the need for “more trusted and regulated” market participants.
FTX filed for Chapter 11 bankruptcy in November. Its implosion also led to a market contagion that spread to crypto lenders BlockFi and Genesis.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
