With crypto valuations severely affected after the recent crash of the FTX exchange, financial services company Goldman Sachs is looking to pour millions into buying or investing in crypto firms while prices are low.
In an interview with Reuters, Matthew McDermott, chief executive of Goldman Sachs, reportedly said that the big banks see opportunities in this space as the FTX collapse has highlighted the need for more regulation in the industry.
The chief executive added that the firm is currently seeing opportunities that are “priced more sensibly” and is already doing due diligence on some crypto companies.
The FTX liquidation crisis and bankruptcy saga have turned the crypto space on its head since early November. The collapse of FTX continues to cause a domino effect, affecting crypto-focused companies that have some relation to the defunct exchange. Because of this, institutional investors like Goldman are looking to buy and invest at lower prices, while the aftereffects of the FTX collapse drive down valuations.