- Goldman Sachs is looking to invest in crypto firms.
- According to the firm, FTX collapse has made opportunities “reasonably priced.”
- Britannia Financial group is looking to offer crypto services.
American multinational investment bank Goldman Sach is looking to invest in crypto firms as markets remain affected by the FTX fiasco, according to Goldman’s head of digital assets Mathew McDermott. In an interview with publisher Reuters, McDermott noted that the financial giant is looking into multiple crypto firms.
According to McDermott, the collapse of Sam Bankman-Fried’s FTX has “set the market back” in terms of sentiments. As such, the “opportunities” that the investment bank is eyeing are now “much more sensibly priced.”
The digital assets head went on to assert that despite unsettling market conditions fuelled by FTX collapse, the underlying blockchain technology remains strong, adding:
FTX was a poster child in many parts of the ecosystem. But to reiterate, the underlying technology continues to perform.
Similar sentiments regarding blockchain tech have been previously voiced by the firm’s CEO David Solomon. In an interview with CNBC on November 10, Solomon clarified that he views cryptos as “highly speculative” but sees great potential in blockchain technology.
Further, the turmoil in the crypto markets has also reportedly pushed financial institutions towards Goldman Sachs, boosting the firm’s trading volume, McDermott added. “I suspect a number of them traded with FTX,” he said.
And it’s not just Goldman Sachs. As revealed by CEO Mark Bruce, Britannia Financial Group, a behemoth British financial firm, plans to launch crypto-related services in the near future. The firm hopes to entice clients who are well-versed in digital assets but who have become wary of keeping their funds on crypto exchanges in the wake of FTX’s collapse.
Bruce further added:
We have seen more client interest since the demise of FTX. Customers have lost trust in some of the younger businesses in the sector that purely do crypto, and are looking for more trusted counterparties.
Goldman Sachs has continued to expand its presence in the digital assets space. The recent reports followed last month’s introduction of its crypto classification data service, built alongside global index provider MSCI and crypto data firm Coin Metrics to allow institutional investors to analyze the new asset class.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
