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After the demise of FTX, Goldman Sachs apparently intends to acquire cryptocurrency companies.

After the demise of FTX, Goldman Sachs apparently intends to acquire cryptocurrency companies.

Mathew McDermott, a Goldman Sachs executive, stated that his firm is already conducting due diligence on a number of cryptocurrency companies.

As the current FTX crisis impacts crypto company valuations, the financial services firm Goldman Sachs intends to invest millions to purchase or invest in crypto companies while their prices are low.

Mathew McDermott, an executive at Goldman Sachs, reportedly stated in an interview with the mainstream media outlet Reuters that large banks see opportunities in the market as a result of the FTX crash highlighting the need for additional regulation within the business.

The CEO noted that the company is now observing chances that are "more reasonably priced" and is conducting due diligence on a number of crypto startups.

McDermott stated in his analysis of the FTX catastrophe that the market's attitude experienced setbacks. Nonetheless, the traditional finance executive emphasized that although FTX has become the "poster child" of the business, the technology powering the sector "continues to perform."

Since the beginning of November, the FTX liquidation crisis and bankruptcy story have flipped the crypto industry on its head. The failure of FTX continues to have a cascading effect on crypto-focused enterprises with exposure to the troubled company. As a result, institutional investors such since Goldman are searching for opportunities to purchase and invest at reduced prices, as the effects of FTX reduce valuations.

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A digital bank based in the United Kingdom has prohibited its customers from purchasing cryptocurrencies. Customers will therefore be unable to purchase Bitcoin or other cryptocurrencies. In addition, users won't be able to accept transfers from cryptocurrency exchange services.

While the failure of FTX diminished interest in the market, certain institutional actors are attempting to increase institutional adoption. On December 6, the crypto business SEBA Bank joined with the financial services firm HashKey Group to accelerate the institutional adoption of cryptocurrencies in Hong Kong and Switzerland.

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