Reports say Goldman Sachs will spend "tens of millions" in crypto firms.

According to Reuters, Goldman Sachs Group will invest tens of millions in cryptocurrency companies.

Goldman's digital assets head said the company will buy or invest in crypto firms.

After FTX's collapse, more trustworthy, regulated cryptocurrency players are needed.

McDermott told Reuters that big banks see business opportunities.

McDermott said Goldman is conducting due diligence on many crypto businesses.

Goldman, which earned $21.6 billion in 2021, may infuse a relatively small amount.

Goldman has invested in 11 digital asset companies that provide compliance services.