Goldman Sachs 'Plans to Snap Up Crypto Firms at Bargain Prices'
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Goldman Sachs 'Plans to Snap Up Crypto Firms at Bargain Prices'

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2 months ago

Although the bank is currently performing due diligence on a number of crypto firms, Goldman was tightlipped on which projects are in Goldman's crosshairs.

Goldman Sachs 'Plans to Snap Up Crypto Firms at Bargain Prices'

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Goldman Sachs is planning to capitalize on the bear market by swooping in to buy crypto firms at rock-bottom prices.

That's according to Reuters, which claims the U.S. banking giant has a budget that stretches into tens of millions of dollars.

Goldman's head of digital assets, Mathew McDermott, told the news agency that FTX's collapse has emphasized why "more trustworthy, regulated cryptocurrency players" are needed.

But some critics might argue that the notion of a legacy financial institution owning crypto businesses undermines why Bitcoin was created in the first place.

Although the bank is currently performing due diligence on a number of crypto firms, McDermott was tightlipped on which projects are in Goldman's crosshairs.

This could be regarded as a rather bullish development, not least because one of the world's biggest banks believes that the crypto space still has something to offer — despite a number of confidence-crushing bankruptcies, and a sharp fall in the value of major coins. He said:

"FTX was a poster child in many parts of the ecosystem. But to reiterate, the underlying technology continues to perform."
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