Investment banking giant Goldman Sachs announced today the launch of a new classification system for the digital asset market. The classification system, dubbed “Datonomy” is rolled out in collaboration with global index provider MSCI and crypto data firm Coin Metrics.
MSCI is the owner and sole administrator of this new classification system, according to the announcement.
Meet Datonomy
According to the announcement, Datonomy is a new data service designed to classify coins and tokens based on how they are used.
Datonomy is aimed at giving crypto participants a consistent and standardized way to view and analyze the digital assets ecosystem.
The newly-launched service will also help participants to create an increased level of transparency into how the market is moving, review performance, manage portfolios as well as create crypto-based investment products.
Goldman said with the service, crypto participants will be able to track trends across different corners of crypto, including Smart Contract Platforms and Decentralized Finance (DeFi).
Market participants can access the new service as a subscription-based data feed or through Marquee, Goldman’s digital storefront for institutional client services.
“As the asset class evolves further and market volatility continues, there is an increased need for performance tracking and risk management in digital asset markets. Datonomy has been designed to fill this gap as the digital assets market matures…,” Goldman said.
Commenting on the development, Anne Marie Darling, Head of Marquee Client Strategy and Distribution at Goldman Sachs, said:
“Given our commitment to providing developer services, and as a trusted data analytics provider to our institutional clients, creating reliable data services for the emerging digital asset community is a strategic focus and natural extension to our existing business.”
Goldman’s Crypto Push Continues
Meanwhile, this latest development represents Goldman’s continued involvement with crypto. Earlier this year, the bank executed its first over-the-counter (OTC) cryptocurrency transaction in collaboration with Michael Novogratz’s crypto investment management firm, Galaxy Digital.
The investment banking giant also offered its first-ever Bitcoin-backed loan to a client in April. The following month, Goldman backed cryptocurrency exchange Elwood in a $70 million Series A funding round.
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Source: https://coinfomania.com/goldman-new-classification-system-for-crypto/