Following the failure of FTX, Goldman Sachs is apparently trying to acquire crypto businesses.

Goldman Sachs executive Mathew McDermott stated that his firm is already conducting due diligence on several cryptocurrency companies.

As the current FTX crisis has impacted crypto company valuations, financial services major Goldman Sachs is aiming to rush in and invest millions to purchase or invest in crypto firms while prices are low.

In an interview with the mainstream media agency Reuters, Goldman Sachs executive Mathew McDermott reportedly stated that big banks see prospects in the market as the FTX crash highlighted the need for stronger regulation inside the business.

According to the CEO, the firm is presently finding prospects that are "priced more fairly" and is already conducting due diligence on some crypto companies.

In addition to the FTX catastrophe, McDermott stated that the market experienced setbacks in terms of mood. However, the traditional finance executive emphasized that, while FTX became the industry's "poster child," the underlying technology "continues to perform."

Since the beginning of November, the FTX liquidation issue and insolvency drama has flipped the crypto industry upside down. The bankruptcy of FTX has had a cascading effect on crypto-focused enterprises who have some exposure to the troubled corporation. As a result, institutional investors such as Goldman Sachs are seeking for opportunities to acquire and invest at lower prices as the effects of FTX reduce valuations.

Meanwhile, a digital bank based in the United Kingdom has prohibited its customers from purchasing cryptocurrency. As a result, its clients will be unable to purchase Bitcoin or other cryptocurrencies. Users would also be unable to receive transfers from cryptocurrency exchange platforms.

While the FTX crash reduced interest in the market, certain institutional actors are seeking to increase institutional adoption. On December 6, crypto business SEBA Bank announced a partnership with financial services firm HashKey Group to accelerate institutional adoption of cryptocurrency in Hong Kong and Switzerland.