Friday, March 31, 2023

It's all about technology

Goldman Sachs is still confident in the cryptocurrency market, taking advantage of the low point after the FTX bankruptcy to acquire related companies

The cryptocurrency market has been hit hard after the FTX incident. Regardless of the price of cryptocurrencies or the difficulty of operating related companies, Goldman Sachs plans to invest in or acquire cryptocurrency companies while the market value of related companies is now reduced.

Mathew McDermott, head of digital assets at Goldman Sachs, said in a recent interview that the collapse of FTX has increased demand for trusted and regulated cryptocurrency companies, coupled with more reasonable prices, seeing investment opportunities. He explained that in terms of market sentiment, the FTX incident will definitely cause a blow, but encryption technology still performs well and has great potential.

Other investment institutions are not so optimistic. Morgan Stanley and HSBC believe that cryptocurrencies have not yet shown their true value and do not intend to expand transactions or investments. Goldman Sachs has always been active and has invested in 11 digital asset companies to provide legal, encrypted currency data and blockchain management services. In addition to cryptocurrency companies, Mathew McDermott also said that the wave of layoffs in the technology industry has allowed them to see more recruitment opportunities and attract new talents, but there is no plan to expand the team.

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