Goldman Sachs expanding its team of cryptocurrency experts

After a massive layoff spree in the last month, Goldman Sachs has stated that it is open to bringing on board new employees. The renowned investment bank is considering expanding its current team of 70 members in its digital asset’s division, as reported by Coin Telegraph. 

The bank recently laid off about 3,200 of its staff as part of a cost-saving initiative in January 2023, impacting executives at the senior, middle, and junior levels, and has focused on the company’s primary trading and banking divisions.

The cryptocurrency industry has also experienced upheaval due to decreasing deposits, bankruptcies of prominent companies, fraudulent activities, and legal disputes, which ultimately led to numerous top companies having to reduce their workforce. Many crypto-focused companies like Coinbase Global, Genesis, and Blockchain.com announced a decrease in their workforce. Additionally, many firms like Crypto.com, Houbi exchange, Gemini, Luno, and Silvergate Capital were forced to lay off their employees due to the prevailing crypto turmoil.

However, according to Mathew McDermott, global head of digital assets, Goldman Sachs, the bank is strongly in favour of blockchain technology. Therefore, it’s considering expanding its team of cryptocurrency experts. McDermott stated that the bank is open to increasing its current team of 70 employees in 2023. He also emphasised that Goldman Sachs views cryptocurrencies as a crucial component of the future of finance and is determined to stay ahead of the curve in this rapidly changing market, as reported by Coin Telegraph. 

It should be noted that the global investment bank is actively exploring options to acquire cryptocurrency companies that are reasonably priced following the decline of FTX, and is currently conducting a thorough examination of such opportunities.