Goldman Sachs Preys For Crypto Firms

Goldman Sachs is spending "tens of millions of dollars" to buy or invest in crypto companies, Reuters reports.

The banking behemoth is cashing in on the dip from the crypto winter and the collapse of the FTX exchange that has hit valuations.

Mathew McDermott, Goldman’s head of digital assets, told Reuters that big banks are picking up businesses as the FTX implosion triggered more need for "trustworthy, regulated cryptocurrency players."

According to McDermott, Goldman is doing due diligence on several different crypto firms.

Goldman has invested in 11 digital asset companies and has also together with MSCI and Coin Metrics launched a data service datonomy, aimed at classifying digital assets based on how they are used.

The firm is also building its own private distributed ledger technology, the report added.

Leave a Reply

Your email address will not be published.