{"id":522636,"date":"2022-12-06T20:45:58","date_gmt":"2022-12-06T17:45:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/goldman-sachs-david-solomon-eyes-bargain-crypto-firms\/"},"modified":"2022-12-06T20:45:58","modified_gmt":"2022-12-06T17:45:58","slug":"goldman-sachs-david-solomon-eyes-bargain-crypto-firms","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/goldman-sachs-david-solomon-eyes-bargain-crypto-firms\/","title":{"rendered":"#Goldman Sachs&#8217; David Solomon eyes bargain crypto firms"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a426acca601d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a426acca601d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/goldman-sachs-david-solomon-eyes-bargain-crypto-firms\/#%E2%80%9CGoldman_Sachs_David_Solomon_eyes_bargain_crypto_firms%E2%80%9D\" >&#8220;Goldman Sachs&#8217; David Solomon eyes bargain crypto firms&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/goldman-sachs-david-solomon-eyes-bargain-crypto-firms\/#%E2%80%98Trusted_players\" >\u2018Trusted\u2019 players<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CGoldman_Sachs_David_Solomon_eyes_bargain_crypto_firms%E2%80%9D\"><\/span>&#8220;Goldman Sachs&#8217; David Solomon eyes bargain crypto firms&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Goldman\u00a0Sachs\u00a0plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest.<\/p>\n<p>FTX\u2019s implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up business, Mathew McDermott,\u00a0Goldman\u2019s head of digital assets, told Reuters.<\/p>\n<p>Goldman\u00a0is doing due diligence on a number of different crypto firms, he added, without giving details.<\/p>\n<p>\u201cWe do see some really interesting opportunities, priced much more sensibly,\u201d McDermott said in an interview last month.<\/p>\n<p>FTX filed for Chapter 11 bankruptcy protection in the US on Nov. 11 after its\u00a0dramatic collapse, sparking fears of contagion and amplifying calls for more crypto regulation.<\/p>\n<p>\u201cIt\u2019s definitely set the market back in terms of sentiment, there\u2019s absolutely no doubt of that,\u201d McDermott said. \u201cFTX was a poster child in many parts of the ecosystem. But to reiterate, the underlying <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> continues to perform.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/david-solomon-cryptocurrency.jpg?w=1024\" alt=\"CEO David Solomon\" class=\"wp-image-24910780\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/david-solomon-cryptocurrency.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/david-solomon-cryptocurrency.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/david-solomon-cryptocurrency.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Goldman Sachs CEO David Solomon has said he sees much potential in the underlying technology as its infrastructure becomes more formalized.<\/figcaption><figcaption><span class=\"credit\">NurPhoto via Getty Images<\/span><\/figcaption><\/figure>\n<p>While the amount\u00a0Goldman\u00a0may potentially invest is not large for the Wall Street giant, which earned $21.6 billion last year, its willingness to keep investing amid the sector shakeout shows it senses a long term opportunity.<\/p>\n<p>Its CEO David Solomon told CNBC on Nov. 10, as the FTX drama was unfolding, that while he views cryptocurrencies as \u201chighly speculative,\u201d he sees much potential in the underlying technology as its infrastructure becomes more formalized.<\/p>\n<p>Rivals are more skeptical.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>\u201cI don\u2019t think it\u2019s a fad or going away, but I can\u2019t put an intrinsic value on it,\u201d Morgan Stanley\u00a0CEO James Gorman said at the Reuters NEXT conference on Dec. 1.<\/p>\n<p>HSBC CEO Noel Quinn, meanwhile, told a banking conference in London last week he has no plans to expand into crypto trading or investing for retail customers.<\/p>\n<p>Goldman\u00a0has invested in 11 digital asset companies that provide services such as compliance, cryptocurrency data and blockchain management.<\/p>\n<p>McDermott, who competes in triathlons in his spare time, joined\u00a0Goldman\u00a0in 2005 and rose to run its digital assets business after serving as head of cross asset financing.<\/p>\n<p>His team has grown to more than 70 people, including a seven-strong crypto options and derivatives trading desk.<\/p>\n<p>Goldman\u00a0Sachs has also together with MSCI and Coin Metrics launched data service datonomy, aimed at classifying digital assets based on how they are used.<\/p>\n<p>The firm is also building its own private distributed ledger technology, McDermott said.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/goldman-sachs-cryptocurreny.jpg?w=1024\" alt=\"FTX logo \" class=\"wp-image-24910821\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/goldman-sachs-cryptocurreny.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/goldman-sachs-cryptocurreny.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/goldman-sachs-cryptocurreny.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>FTX filed for Chapter 11 bankruptcy protection  on Nov. 11.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%98Trusted_players\"><\/span>\u2018Trusted\u2019 players<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The global cryptocurrency market peaked at $2.9 trillion in late 2021, according to data site CoinMarketCap, but has shed about $2 trillion this year as central banks tightened credit and a string of high-profile corporate failures hit. It last stood at $865 billion on Dec. 5.<\/p>\n<aside class=\"single__inline-module alignleft\">\n    <\/aside>\n<p>The ripple effects from FTX\u2019s collapse have boosted\u00a0Goldman\u2019s trading volumes, McDermott said, as investors sought to trade with regulated and well capitalized counterparties.<\/p>\n<p>\u201cWhat\u2019s increased is the number of financial institutions wanting to trade with us,\u201d he said. \u201cI suspect a number of them traded with FTX, but I can\u2019t say that with cast iron certainty.\u201d<\/p>\n<p>Goldman\u00a0also sees recruitment opportunities as crypto and tech companies shed staff, McDermott said, although the bank is h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y with the size of its team for now.<\/p>\n<p>Others also see the crypto meltdown as a chance to build their businesses.<\/p>\n<p>Britannia Financial Group is building its cryptocurrency-related services, its chief executive Mark Bruce told Reuters.<\/p>\n<p>The London-based company aims to serve customers who are eager to diversify into digital currencies, but who have never done so before, Bruce said. It will also cater to investors who are very familiar with the assets, but have become nervous about storing funds at crypto exchanges since FTX\u2019s collapse.<\/p>\n<p>Britannia is applying for more licenses to provide crypto services, such as doing deals for wealthy individuals, he said<\/p>\n<p>\u201cWe have seen more client interest since the demise of FTX,\u201d he said. \u201cCustomers have lost trust in some of the younger businesses in the sector that purely do crypto, and are looking for more trusted counterparties.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/12\/06\/goldman-sachs-david-solomon-eyes-bargain-crypto-firms\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Goldman Sachs&#8217; David Solomon eyes bargain crypto firms&#8221; Goldman\u00a0Sachs\u00a0plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest. FTX\u2019s implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":522637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/david-solomon-cryptocurrency.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,136812,71939,76127,70789,70790,70584,70360],"class_list":["post-522636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-12-6-22","tag-banks","tag-cryptocurrency","tag-david-solomon","tag-goldman-sachs","tag-mergers-acquisitions","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/522636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=522636"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/522636\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/522637"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=522636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=522636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=522636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}