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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
