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Home»News»Will Goldman Sachs spend tens of millions of dollars on devalued cryptocurrency firms?
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Will Goldman Sachs spend tens of millions of dollars on devalued cryptocurrency firms?

Saheel KhirodkarBy Saheel KhirodkarDecember 6, 2022Updated:December 6, 2022No Comments2 Mins Read
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Goldman Sachs may invest in devalued cryptocurrency firms
  • Details from inside show that Goldman Sachs will invest tens of millions in undervalued cryptocurrency companies.
  • The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm.

According to a Reuters report, major investment bank Goldman Sachs (NYSE:GS) intends to invest tens of millions of dollars in cryptocurrency startups whose values have plummeted since the demise of crypto exchange FTX.

The head of digital assets at Goldman Sachs, Matthew McDermott, revealed that the bank was conducting due diligence on several cryptocurrency companies. The bank was also developing its own distributed ledger technology, he continued (DLT). Added McDermott:

“We do see some really interesting opportunities, priced much more sensibly.”

McDermott did not mince words when discussing the consequences of FTX, saying,

“It’s definitely set the market back in terms of sentiment, there’s absolutely no doubt of that. FTX was a poster child in many parts of the ecosystem. But to reiterate, the underlying technology continues to perform.”

A significant participant in the cryptocurrency market is Goldman Sachs. In renowned cryptocurrency businesses including Coin Metrics, TRM Labs, Elwood Technologies, and CertiK, Goldman Sachs has investments. The investment bank reopened a cryptocurrency trading desk early this year as a result of growing interest from institutional clients.


On November 11, after experiencing financial difficulty, FTX filed for Chapter 11 bankruptcy protection. Through its linked trading company, Alameda Research, the cryptocurrency exchange is accused of using user cash to support dangerous wagers.

BlockFi, a cryptocurrency lender, was the most recent to file for bankruptcy last month. The effects were felt throughout businesses. Investors were looking for regulated and well-capitalized competitors after FTX’s fall, which increased Goldman Sachs’ trading volume.

The worldwide market for cryptocurrencies reached its peak at $2.9 trillion in late 2021 but has since lost approximately $2 trillion as a result of numerous high-profile corporate bankruptcies. The market value of all digital currencies was at $850 billion at the time of writing.

Even if the central bank considered cryptocurrencies to be “extremely speculative,” Goldman Sachs CEO David Solomon told CNBC that the underlying technology would have a lot of promise with a more formal infrastructure.

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Saheel Khirodkar
Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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