Goldman Sachs is reportedly looking to purchase cryptocurrency businesses

Mathew McDermott, a Goldman Sachs executive, said that his company has already conducted due diligence on a few cryptocurrency companies.

The recent FTX fiasco has a negative impact on the value of crypto companies, so financial services company Goldman Sachs is looking to pounce and invest millions to buy or invest in crypto companies while the prices are low.

Mathew McDermott, an executive at Goldman Sachs, reportedly stated that big banks are seeing opportunities in the space as the FTX collapse highlighted a need for more regulation within the industry in an interview with mainstream media outlet Reuters.

The executive continued by saying that the company was already conducting due diligence on a few cryptocurrency companies and that it was seeing opportunities that were “priced more sensibly” at the moment.

Regarding the FTX fiasco, McDermott added that the market experienced setbacks in terms of sentiment. Although FTX became the industry’s “poster child,” the traditional finance executive emphasized that the industry’s underlying technology “continues to perform.”

Since November, the FTX liquidation crisis and bankruptcy proceedings have drastically altered the cryptocurrency market. Companies that have some involvement with the ailing firm are still affected by FTX’s downfall.

Due to FTX causing a drop in valuations, institutional investors such as Goldman are seeking out the chance to purchase and invest at discounted prices.