After FTX’s bankruptcy, Goldman Sachs is apparently considering purchasing cryptocurrency companies.

Mathew McDermott, a Goldman Sachs official, revealed that his company had already conducted due diligence on a few cryptocurrency companies.

The recent FTX fiasco has had a negative impact on the value of crypto companies, thus financial services company Goldman Sachs is looking to pounce and invest millions to buy or invest in crypto companies while the prices are low.

Mathew McDermott, an executive at Goldman Sachs, reportedly stated that big banks are seeing opportunities in the market since the FTX crash highlighted a need for additional regulation inside the business in an interview with mainstream media source Reuters.

The executive continued by saying that the company was already conducting due diligence on a few cryptocurrency startups and that it was finding opportunities that were “priced more sensibly” at the moment.

Regarding the FTX fiasco, McDermott added that the market experienced setbacks in terms of optimism. Although FTX became the industry’s “poster child,” the conventional financial executive emphasized that the industry’s core technology “continues to perform.”

Since the beginning of November, the FTX liquidation issue and bankruptcy story have completely upended the cryptocurrency market. Companies focused on cryptocurrencies that have some connections to troubled corporations are still being impacted by the collapse of FTX. Therefore, as a result of FTX’s influence on valuations, investment banks like Sachs are searching for chances to acquire and invest at reduced prices.

In the meantime, a UK-based digital bank has forbidden its users from purchasing cryptocurrencies. As a result, its consumers won’t be able to purchase Bitcoin or other cryptocurrencies. In addition, users won’t be able to accept transfers from cryptocurrency exchange sites.

Despite a decline in interest following the FTX collapse, certain institutional players are seeking to increase institutional adoption. On December 6, cryptocurrency company SEBA Bank teamed up with financial services company HashKey Group to hasten the institutional adoption of cryptocurrency in Switzerland and Hong Kong.