December 06, 2022

Story - Jai Pratap

Banking giant Goldman has plans to invest tens of millions in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest.

Mathew McDermott, Goldman's head of digital assets, told Reuters that big banks see FTX implosion as an opportunity to pick up business.

Goldman Sachs  is doing due diligence on a number of different crypto firms, McDermottc added, without giving details.

Goldman’s  willingness to keep investing in crypto during the bear market shows it senses a long term opportunity.

The banking giant has so far invested in 11 digital asset firms.

McDermott further informed that the firm is building its own private distributed ledger technology.

The ripple effects from FTX's collapse have boosted Goldman's trading volumes.