Taiwan manufacturing giant Foxconn has announced that it will invest $18 million in a cryptocurrency merchant bank that is being set up by a former partner of Goldman Sachs Group, Caixin reports.
The company has not disclosed exactly what sized stake it will have in the bank or how much control it would have over it, according to Caixin, simply stating that the investment was part of Foxconn’s broader strategy in the financial sector.
The former Goldman Sachs partner plans to raise $200 million through a private placement to establish a digital assets merchant bank for trading cryptocurrency, manage clients’ digital assets and advise on blockchain-related investments. The company has already raised around $250 million, Bloomberg reported Wednesday.