After the fall of FTX, Goldman Sachs is apparently considering to acquire cryptocurrency startups.

Mathew McDermott, an executive at Goldman Sachs, recently stated that the bank is performing background checks on several cryptocurrency companies.

Goldman Sachs, a major financial services corporation, plans to make a massive investment to buy or invest in cryptocurrency companies while their values are low as a result of the recent FTX catastrophe.

According to Reuters, Goldman Sachs executive Mathew McDermott said big banks are seeing opportunities in the market now that the FTX collapse has brought attention to the need for stronger regulation in the business.

The CEO continued, saying that the company is undertaking research on some cryptocurrency startups because they are finding prospects that are "priced more sensibly."

McDermott said the market experienced setbacks in terms of sentiment as a result of the FTX fiasco. In spite of FTX's prominence, the traditional finance executive stressed that the industry's fundamental technology "continues to perform."

Since the beginning of November, the FTX liquidation crisis and bankruptcy story have flipped the cryptocurrency world on its head. Companies that deal in cryptocurrency and have any exposure to FTX continue to feel the effects of the exchange's demise. Since the effects of FTX are causing valuations to fall, institutional investors like Goldman are on the lookout for opportunities to acquire and invest at lower costs.

On the other hand, a digital bank based in the UK has restricted its customers from buying cryptocurrency. Customers will be unable to acquire Bitcoin or other cryptocurrencies as a result. As a corollary, users will be unable to receive funds from cryptocurrency exchanges.

While interest in the sector has waned since the FTX collapse, there are still efforts underway to increase institutional adoption. SEBA Bank, a cryptocurrency bank, and HashKey Group, a financial services company, formed a partnership on December 6 with the goal of accelerating the institutional adoption of cryptocurrency in Hong Kong and Switzerland.

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