The current crisis in the cryptocurrency sector, exacerbated by the fall of FTX and Alameda Research, presents Goldman Sachs with an opportunity to invest in the crypto sector. Reuters has reported that the world's second-largest investment bank will likely spend tens of millions of dollars on companies in the cryptocurrency sector.
Last month, Mathew McDermott, head of digital assets at Goldman Sachs, hinted that the crypto crash was creating interesting opportunities to invest in the sector at a “much more sensible” price.
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More recently, Reuters has pointed out in some of its investigations that there are clues to think that Goldman Sachs is taking this idea seriously and will invest in the crypto sector. According to this information, Goldman Sachs would have started the Due Diligence procedure in which an examination of financial records is carried out before making purchases, reviewing the situation of different crypto companies whose names have not yet been revealed.
Goldman Sachs has a wide range of investment options in the crypto sector: it could buy cryptoasset companies, both exchanges and providers of blockchain-based financial infrastructure, but it is also considering the possibility of investing in this type of company, thus avoiding getting involved in such a direct way. Goldman Sachs has already invested and partnered with different digital asset companies offering different crypto services in the past, so it already has some presence in the sector.
McDermott also explained in his statements that the technology underlying the crypto sector "is very functional" and that "it goes far beyond cryptocurrencies and exchanges." It is a technology that "has transformed processes in sectors such as security or science," allowing "value and information to be transferred without intermediaries."
Only the future will tell us how this decision by Goldman Sachs will end and what moves it will make to get the most out of it, taking into account that it is an investment bank with the main objective of making profits.
