According to reports, Goldman Sachs is trying to acquire cryptocurrency startups following the bankruptcy of FTX.

Mathew McDermott, an official at Goldman Sachs, stated that the company is already conducting its due diligence on a number of cryptocurrency startups.

As a result of the recent fiasco with FTX, the valuations of crypto companies have taken a hit. In response, the financial services business Goldman Sachs is planning to step in and invest millions to either purchase or invest in crypto companies while their prices are still low.

Mathew McDermott, an executive at Goldman Sachs, reportedly stated in an interview with the mainstream media outlet Reuters that large banks are reportedly seeing opportunities in the space as a result of the FTX collapse, which highlighted a need for more regulation within the industry. Reuters is a news organization.

The executive went on to say that the company is currently looking at prospects that are "priced more sensibly," and that it is already conducting its research on a number of crypto startups.

In addition, in commenting on the FTX catastrophe, McDermott mentioned that the market had had negative setbacks in terms of mood. However, the traditional finance executive pointed out that despite FTX's status as the "poster child" of the industry, the technology that underpins the industry "continues to perform."

Since the beginning of November, the crypto sector has been rocked by the FTX liquidation crisis and bankruptcy story, which have flipped the industry on its head. The failure of FTX continues to have a domino effect, which is having an effect on cryptocurrency-focused businesses who have some exposure to the troubled company. Because of this, large institutional investors such as Goldman are on the lookout for opportunities to acquire and invest at lower prices while the effects of FTX are bringing valuations down.

Meanwhile, a digital bank with its headquarters in the United Kingdom has made it impossible for its customers to buy cryptocurrency. Customers of this company won't be able to buy Bitcoin or any other cryptocurrencies as a result of this. Aside from this, users won't be allowed to participate in receiving transfers from cryptocurrency trading sites.

Even if the collapse of FTX caused a setback in terms of interest in the field, some institutional actors are attempting to encourage institutional adoption. The cryptocurrency company SEBA Bank formed a partnership with the financial services company HashKey Group on December 6 with the goal of accelerating the institutional adoption of cryptocurrency in Hong Kong and Switzerland.

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