According to a Reuters report, Goldman Sachs plans to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest. FTX‘s bankruptcy has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks like Goldman Sachs see an opportunity to pick up crypto businesses. In fact, the crypto sector would desperately need well news and honest players.
Goldman has invested in 11 digital asset companies that provide services such as compliance, cryptocurrency data, and blockchain management. The sad truth is that customers have lost trust in crypto startups and are looking for more trusted counterparties.
Goldman is doing due diligence on a number of different crypto firms, he added, without giving details. Reuters pointed out that the amount Goldman may potentially invest is not large. However, its willingness to keep investing amid the sector shakeout shows it senses a long-term opportunity.
