Banking Giant Goldman Sachs on the Lookout for Crypto Bargains Following FTX Collapse: Report

Banking Giant Goldman Sachs on the Lookout for Crypto Bargains Following FTX Collapse: Report

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Financial giant Goldman Sachs is reportedly bargain hunting in the crypto space after the FTX collapse soured market sentiment.

According to a new Reuters report, Goldman Sachs plans to spend “tens of millions of dollars” on crypto investments or purchases.

They are currently performing their due diligence on a number of different crypto firms, which are not identified.

Says Mathew McDermott, Goldman Sachs’ head of digital assets,

“We do see some really interesting opportunities, priced much more sensibly.”

According to Reuters, the cryptocurrency global market has lost trillions of dollars in value since peaking at $2.9 trillion in late 2021. The global market is now priced at $865 billion.

McDermott says that while FTX’s collapse made more people skeptical of crypto, blockchain technology remains as promising as its always been.

“It’s definitely set the market back in terms of sentiment, there’s absolutely no doubt of that. FTX was a poster child in many parts of the ecosystem. But to reiterate, the underlying technology continues to perform.”

McDermott oversees a team of more than 70 people, including seven people who focus on trading crypto options and derivatives, according to Reuters. Goldman Sachs has invested in 11 digital asset companies in the areas of compliance, cryptocurrency data and blockchain management.

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Featured Image: Shutterstock/Masterofedit69

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