Goldman Sachs in search to invest $10 million in crypto After FTX Implosion: Report

Reuters reported today that Goldman Sachs (GS), an American-based multinational investment bank, is searching for spending $10 Million on crypto firms whose valuation was impacted after the implosion of FTX. 

Goldman Sachs is known to be the second-largest company in the world concerning revenue. By its total revenue, the company ranked 57th on the Fortune 500 list of the largest United States corporations. It is an American-based multinational investment bank and a financial service provider company. Goldman was founded in 1869. 

The CEO’s statements—

Head of digital assets at Goldman, Mathew McDermott, told to Reuters that Big Banks got an opportunity to select a suitable business. The recent FTX implosion increases the need for more trustworthy, regulated cryptocurrency players.

In an interview last month, McDermott stated, “We do see some really interesting opportunities, priced much more sensibly.” Cryptocurrency regulation has increased after the unexpected market turmoil created by the FTX fallout. 

Mathew added, “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.”

The competitors’ opinions —

CEO of Morgan Stanley, James Gorman, told Reuters on December 1, “I don’t think it’s a fad or going away, but I can’t put an intrinsic value on it.”

As well as the CEO of HSBC, Noel Quinn, mentioned that he is not having plans to execute crypto investing or trading for retail customers. 

The digital asset company provides services like compliance, cryptocurrency data and blockchain management in such 11 companies Goldman has invested in. 

And as per the crypto market trend, GameStop, Kraken, Coinbase and Bybit are reducing their staffing, but the Goldman team count has increased by 70 people. McDermott said that his firm is about to introduce its distributed ledger technology.



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