Goldman Sachs Into the Crypto Market?
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An editor at Coincrop
07 Dec 2022 | 2 min read
oldman Sachs is planning on investing tens of millions in crypto firms. The bank sees an increased need for trustworthy players in the industry and views the current market situation as an opportunity to invest.
The recent FTX crash provides a fantastic opportunity for Goldman Sachs to invest in several crypto firms that have taken heavy losses. The bank sees this as a chance to secure a large portion of the industry while helping others avoid bankruptcy.
Goldman Sachs has not confirmed its intention to invest in crypto yet, but an executive recently hinted at it. Matthew McDermott, the head of digital assets for Goldman Sachs suggested to Reuters that big banks see the FTX crash as an opportunity to present a more trustworthy and regulated front in the crypto business. He also mentioned that Goldman Sachs is already doing due diligence on several crypto firms to determine which ones are eligible for investment.
Bitcoin's value has dropped more than 75 percent in the last year, and if things continue to decline, large financial institutions could potentially capitalize on the crisis.
MikeAn editor at Coincrop
Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.
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