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.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Masterofedit69
