Reuters informs that Goldman Sachs intends to spend tens of millions of dollars to buy or invest in crypto companies, as the collapse of the FTX stock exchange hit their value and weakened investor interest.
“The collapse of FTX has increased the need for more reliable, regulated cryptocurrency players, and big banks see an opportunity to develop this business. They are already checking a number of different crypto firms», — Reuters conveys the words of Matthew McDermott, head of Goldman’s digital assets department.
Goldman Sachs has already invested in several crypto firms, including CertiK, TRM Labs, Elwood Technologies and Coin Metrics, and has launched Datonomy’s digital asset classification service with MSCI and Coin Metrics as well.
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The initiative is expected to last about six months and will have a flexible investment structure.
Investments will be possible in tokens, fiat, convertible instruments, loan, credit line, etc.
In addition to Binance, IRI members include Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group, which have made initial commitments of about $50 million.
150 applications from companies wishing to provide support have also been received.
Binance states that the objective of the new initiative is to support the most promising and high-quality companies and projects created by leading professionals and entrepreneurs, which have experienced significant short-term financial difficulties due to market circumstances.