Goldman Sachs to ramp up M&A activity in distressed crypto market

FTX’s implosion has heightened the necessity for extra reliable, regulated cryptocurrency gamers, and large banks see a possibility to select up enterprise, Mathew McDermott, Goldman’s head of digital property, instructed Reuters.

McDermott instructed the newswire that Goldman is doing due diligence on quite a lot of completely different crypto corporations.

“We do see some actually fascinating alternatives, priced way more sensibly,” McDermott mentioned in an interview final month.

Goldman has invested in 11 digital asset corporations that present providers equivalent to compliance, cryptocurrency information and blockchain administration. The blue blooded Wall Road agency has additionally along with MSCI and Coin Metrics launched information service datonomy, geared toward classifying digital property primarily based on how they’re used.

Alongside the underlying know-how, Goldman additionally sees recruitment alternatives as crypto and tech corporations shed employees, McDermott mentioned, though the financial institution is pleased with the scale of its 70-strong digital property crew for now.