Amid the Crypto crisis that has hit the market recently, FTX bankruptcy, and BlockFi bankruptcy, Goldman Sachs is seizing this opportunity to invest in a market where valuations are injured. Being one of the worlds’ largest investment banks, Goldman Sachs has the resources and plans to invest tens of millions of US Dollars in firms whose valuations are currently affected by the news and downfall of FTX.
The Crypto Exchange, FTX, has filed for bankrupty on November 11, 2022. Due largely to their investment movements in Alameda Research. This bankruptcy follows the BlockFi bankruptcy which occured only a few months before. Many high profile crypto firms are declaring bankruptcy and is causing a depression in the market.
Low valuations to highly profitable and large markets though attract huge investors who have been waiting for a point of entry into the market. Tens of millions of US Dollars are to be invested in crypto firms by Goldman Sachs.
“We do see some really interesting opportunities, priced much more sensibly,” Mathew McDermott, Goldman’s head of digital assets, told Reuters. Goldman sees an increased need for trustworthy players in the industry, which banks see as an opportunity, according to McDermott.
