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Goldman Sachs: We'll Invest Billions In Crypto Firms

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After the collapse of FTX, which lowered investor interest and hit valuations, Goldman, a banking giant, plans to invest tens of millions in crypto companies.

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Mathew McDermott is the head of digital assets at Goldman. 

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He told Reuters that banks see FTX's implosion as a chance to grab business.

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McDermott said that Goldman Sachs is conducting due diligence on several crypto companies but did not give details.

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Goldman's willingness and ability to continue investing in crypto even during bear markets indicates a long-term opportunity.

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This banking giant has invested in 11 digital asset companies so far.

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McDermott also stated that McDermott is currently building its own distributed ledger technology.

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Goldman's trading volume has risen due to the ripple effects of FTX's fall.

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