Goldman Sachs GS is reportedly planning to invest "tens of millions of dollars" into crypto firms that have been adversely affected by the collapse of crypto exchange FTX.
What Happened: Goldman Sachs is doing the due diligence on a few crypto businesses affected by the FTX contagion, according to Reuters.
“We do see some really interesting opportunities, priced much more sensibly," Mathew McDermott, Goldman Sachs' head of digital assets, was quoted as saying.
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The bank views the FTX debacle as an occasion to capitalize. According to McDermott, the demise of FTX had a negative effect on people's attitudes, as "FTX was a poster child in many parts of the ecosystem."
Nevertheless, McDermott believes the underlying technology “continues to perform."
Goldman Sachs is presently an investor in various crypto-related organizations including CertiK, TRM Labs, Elwood Technologies, and Coin Metrics.
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