Reports say that Goldman Sachs wants to buy cryptocurrency companies after FTX went down.

Mathew McDermott, an executive at Goldman Sachs, said that the company is already doing its homework on some crypto companies.

As a result of the recent FTX scandal, the value of crypto companies has dropped. Goldman Sachs wants to buy or invest in crypto companies while the prices are low and spend millions to do so.

In an interview with Reuters, Mathew McDermott, an executive at Goldman Sachs, is said to have said that big banks are seeing opportunities in the space now that the FTX collapse has shown that the industry needs more rules.

The executive also said that the company is looking at opportunities that are "priced more sensibly" and is already doing research on some crypto companies.

McDermott also said that the market had setbacks in terms of how people felt about the FTX mess. But the traditional finance executive pointed out that even though FTX became a "poster child" for the industry, the technology that makes it work "continues to perform."

Since the beginning of November, the FTX liquidation crisis and bankruptcy story have flipped the crypto industry on its head. The failure of FTX is still having a domino effect on crypto-focused companies that have some ties to the troubled company. Because of this, institutional investors like Goldman are looking for ways to buy and invest at lower prices while the effects of FTX are lowering valuations.

Also, a digital bank in the UK has made it impossible for its customers to buy cryptocurrency. Customers won't be able to buy Bitcoin or other cryptocurrencies. Aside from that, users won't be able to receive transfers from platforms that trade crypto.

Even though the collapse of FTX set back interest in the space, some institutional players are working to increase institutional adoption. On December 6, the crypto company SEBA Bank teamed up with the financial services company HashKey Group to speed up the use of crypto in Hong Kong and Switzerland by institutions.

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