Goldman Sachs to Invest Heavily in Crypto

December 7, 2022

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Goldman Sachs to Invest Heavily in Crypto

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The Wall Street bank Goldman Sachs is looking to invest millions in crypto to ease the burden on the companies which were affected by the FTX debacle.

The information was disclosed on Tuesday by Reuters, according to the report the digital banking platform has announced plans to spend $10 million in purchasing or investing in crypto firms that have been negatively affected by the collapse of the FTX exchange.

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Goldman Sachs Investment After the FTX Debacle

Goldman Sachs’s investment in recent times has been on the rise, as demand from customers keeps rising, Goldman Sachs earlier this year re-established a crypto trading desk.

The digital bank has also invested in some firms of recent including Ceritk, TRM Labs, Elwood Technologies, and Coin Metrics.

Goldman’s digital assets team currently employs over 70 employees, and the bank is also creating its own private distributed ledger technology.

The FTX downfall presents a chance for the firm. McDermott noted that the crypto exchange’s demise impacted the market’s attitude because FTX was a poster child in many sectors of the ecosystem. Yet, he believes that the core technology is still doing well.

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