According to Goldman Sachs executive Mathew McDermott, their company is already conducting due diligence on a few cryptocurrency companies.
Financial services company Goldman Sachs is looking to pounce and invest millions to buy or invest in crypto companies while the prices are low, as the recent FTX fiasco has a negative impact on the valuations of crypto companies.
Since the start of November, the bankruptcy of FTX has caused a tremendous disruption in the world of cryptocurrency.
Businesses involved in cryptocurrency that are linked to the ailing firm are still feeling the repercussions of the FTX downfall.
The executive went on to say that the company is seeing opportunities right now that are “priced more sensibly” and that it has already conducted due diligence on a few cryptocurrency firms.
McDermott added that the market experienced setbacks in terms of sentiment when discussing the FTX fiasco. The traditional finance executive did, however, point out that while FTX became the industry’s “poster child,” the underlying technology “continues to perform.”
Since the beginning of November, the FTX bankruptcy and liquidation crisis has completely upended the cryptocurrency market.
Companies with a focus on cryptocurrencies that are exposed to FTX are still being impacted by the collapse of the troubled company.
Institutional investors such as Goldman Sachs are exploring possibilities to acquire and invest in assets at reduced prices due to the impact of FTX on valuations.