Goldman Sachs Continues Funding Blockchain Startups, Invests US$5 Million in Startup Blockdaemon

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June 10, 2021
Goldman Sachs Continues Funding Blockchain Startups, Invests US$5 Million in Startup Blockdaemon

Goldman Sachs has funded Blockdaemon in its latest investment, as a part of its continued effort of funding blockchain startups. This funding round led by Goldman Sachs was participated by other investors such as Uphold, Voyager Digital, BlockFi, Greenspring Associates, and others. 


konstantin richter (@konstantin11) | Twitter

Konstantin Richter, founder and CEO of Blockdaemon, has said that Goldman Sachs has invested US$5 million. The funding round led by Goldman Sachs was able to raise US$28 million. Reports say that Goldman Sachs will also join Blockdaemon as “board observers”.


The startup provides staking as well as node infrastructure for institutional clients. Blockdaemon is well known for providing exposure to networks like Ethereum 2.0 (ETH) and Polkadot (DOT). Reports say that this blockchain infrastructure is used by PayPal and Robinhood. As per Blockdaemon, the value of cryptocurrencies kept in staking is expected to increase to more than US$50 billion by 2021-end. 

Actualité - Action Goldman Sachs - Valeur de Rendement & Future Croissance


Goldman Sachs reportedly seems to be giving a lot of importance to the crypto market lately. In May 2021, the banking giant led a  US$15 million financing for Coin Metrics company. The same month, Goldman Sachs also launched Bitcoin derivatives trading for its institutional clients. 


Earlier in June 2021, Will Nance (an analyst at Goldman Sachs) said that the best way to gain exposure to the cryptocurrency market is by investing in Coinbase shares. She reasoned that investors should try to avoid investing directly in cryptos due to its high volatility. Her comment came after the recent downturn in the cryptocurrency market.


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