It doesn’t seem like the burgeoning cryptocurrency industry will be enough to scare off the crisis that has flared up with the recent drop of FTX. Goldman Sachs. According to Reuters, the world’s second-largest investment bank plans to spend tens of millions of dollars on crypto startups.

Mathew McDermott, head of digital assets at Goldman Sachs, last month amid the crypto meltdown “some interesting opportunities” investment. He stated that these came at a “more reasonable price” due to the latest developments in the industry.

Tens of millions of bets for the crypto industry

Shortly after the above statements, there are signs that Goldman Sachs is serious about investing in the cryptocurrency sector. Reuters states that the bank has initiated Due Diligence (examination of financial records before making a purchase) on several crypto companies, although their names are not disclosed.

The range of investment options designed by Goldman Sachs is wide. On the one hand, there is the possibility buy crypto companies. There will be not only cryptocurrency exchanges like Binance or Coinbase, but also financial infrastructure providers based on Blockchain, a relatively young and rapidly growing technology.

On the other hand, they also value probability. be an investor in such companies. With this option, they avoid being directly involved, as with a purchase. However, it should be noted that Goldman Sachs partnered and has invested in several digital asset companies that provide various crypto services, so it already has some presence in the industry.

McDermott acknowledges that FTX has caused an economic earthquake in the crypto ecosystem, but states that “the underlying technology is very functional.” Indeed, the platform founded by Sam Bankman-Fried has created a domino effect, burying other companies like Genesis and BlockFi, as well as having a strong influence on the price of most coins.

Blockchain, as we explain and McDermott suggests, goes far beyond cryptocurrencies and exchange platforms. This is in addition to the uses mentioned above, transformed processes in the science and security sectorsallows the transfer of information (and value) without intermediaries.

We will learn over time how Goldman Sachs’ move will play out and what moves it will take to get the most out of it. Let’s not forget that, after all, we are talking about an investment bank whose main purpose is to make a profit for itself and its customers. Time will also tell us whether other giants of the traditional economic sector will decide to bet on the crypto world.

Images: Goldman Sachs | kanchanara

On Xataka: New York leads the way in regulating cryptocurrencies. The first step was to ban Bitcoin mining