Goldman Sachs plans large-scale investments in cryptocurrency startups

One of the largest investment companies in the US and the world, Goldman Sachs, plans to spend tens of millions of dollars to buy a cryptocurrency startup or invest in its operations, a decision made to boost user interest in digital assets that has fallen after the FTX exchange’s bankruptcy.

Goldman’s head of digital assets Matthew McDermott told Reuters that the FTX collapse has increased the market’s need for reliable and regulated cryptocurrency players, so big banks should seize this moment. «We see really interesting opportunities at a good price,» McDermott emphasized.

Currently, Goldman Sachs is reviewing a number of different crypto firms to invest in some of them. However, the details are not disclosed. The investment giant’s willingness to invest in cryptocurrencies even after a number of high-profile bankruptcies indicates the long-term prospects of the digital asset industry, which may eventually surpass the field of traditional finance.

As a reminder, former Goldman Sachs executive and cryptocurrency supporter Raul Pel believes that the value of the SOL altcoin (which suffered from the FTX cryptocurrency exchange crisis) is attractive to investors. According to Pel, now is a great time to buy the cryptocurrency, although the investor does not deny that in the short term, the SOL rate may decline even further.