Goldman Sachs Ready to Invest Millions in Crypto Firms

Goldman Sachs Ready to Invest Millions of Dollars on Crypto Firms

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After FTX, the third biggest cryptocurrency filed bankruptcy, Goldman Sachs is planning to invest millions of dollars in crypto firms. As Goldman sees potential in the sector they plan to acquire or invest in some crypto firms. CEO, of Goldman Sachs, David Solomon says "cryptocurrencies are highly speculative".

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Together with MSCI and Coin Metrics, Goldman Sachs launched autonomy, a data service designed to classify digital assets by use. McDermott said the firm is also developing its own private distributed ledger technology.

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Goldman Sachs announced after Standard Chartered predicts Bitcoin could drop below $5000 next year due to underpricing by investors. The price of bitcoin has already dropped by more than 75 percent since last year, and if the situation worsens, giant banks like Goldman Sachs might be able to take benefit of the situation.

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