Goldman Sachs is in the bargain crypto market after FTX collapse, Reuters reports.
The FTX implosion has increased the need for more trusted and regulated cryptocurrency players, and big banks see an opportunity to resume business, Mathew McDermott, Goldman's head of digital assets, told Reuters.
McDermott told the newswire that Goldman is doing due diligence on a number of different crypto companies.
โWe see some really interesting opportunities, priced much more sensibly,โ McDermott said in an interview last month.
Goldman has invested in 11 digital asset companies that provide services like compliance, cryptocurrency data, and blockchain management. The blue-blooded Wall Street firm has also launched, together with MSCI and Coin Metrics, the data service datonomy, aimed at classifying digital assets based on how they are used.
In addition to the underlying technology, Goldman also sees hiring opportunities as tech and crypto firms lay off staff, McDermott said, though the bank is happy with the size of its 70-person digital asset team for now.
