Goldman Sachs is in the market for bargain-basement crypto firms following the collapse of FTX, Reuters reports.
FTX’s implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up 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 firms.
“We do see some really interesting opportunities, priced much more sensibly,” McDermott said in an interview last month.
Goldman has invested in 11 digital asset companies that provide services such as compliance, cryptocurrency data and blockchain management. The blue blooded Wall Street firm has also together with MSCI and Coin Metrics launched data service datonomy, aimed at classifying digital assets based on how they are used.
Alongside the underlying technology, Goldman also sees recruitment opportunities as crypto and tech companies shed staff, McDermott said, although the bank is happy with the size of its 70-strong digital assets team for now.