Goldman Sachs looks to acquire cryptocurrency firms impacted by FTX

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Goldman Sachs looks to acquire cryptocurrency firms impacted by FTX

Goldman Sachs is on a shopping spree to acquire embattled criptocurrency businesses that have been impacted by the implosion of FTX.

Learn how smart money is playing the game of criptocurrency.

Mathew McDermott, Goldman Sachs' head of criptocurrency, told Reuters that the collapse of FTX negatively impacted the market, but it also sets the market back in terms of sentiment, there's absolutely no doubt of that, McDermott said. FTX was a poster child in many parts of the ecosystem. The underlying technology continues to perform. He said that there are some really interesting opportunities that are priced more sensibly. The company said it is willing to invest tens of millions in cryptocurrencies despite the turbulent market and the cold winter.

In the past, Goldman Sachs had invested in cryptocurrencies like CertiK, TRM Labs, Elwood Technologies and Coin Metrics and in the past, but it is not clear what firms the investment bank is looking to acquire.

A data service was launched last month by the company with financial company MSCI and Coin Metrics to help investors navigate the market. Goldman Sachs hopes to help hedge funds and institutional investors analyze cryptanalyms more effectively for investment.