Goldman Sachs has created “adult framework” for cryptocurrency that institutional investors will use to gain a better understanding of the industry.
CNBC reports that Goldman Sachs is planning to unveil a cryptocurrency classification system for hundreds of cryptocurrencies, including Bitcoin (BTC), XRP, Shiba Inu (SHIB), Solana (SOL), and hundreds of other tokens.
The new service, dubbed Datonomy, was created in collaboration with cryptocurrency intelligence firm Coin Metrics and finance firm MSCI. It aspires to be a comprehensive framework for the global cryptocurrency ecosystem, assisting institutional investors in navigating a complex and dynamic industry. The cryptocurrency industry has grown significantly in recent years, according to Anne Marie Darling, head of the client strategy for the bank’s Marquee platform. She adds that the new data service will make risk management easier for clients.
Institutional investors will be able to classify and segment digital assets to gain a better understanding of them. Metaverse tokens, blockchain utilities, decentralized finance tokens, specialized tokens, application utilities, value transfer tokens, business services, and other utilities have been created from various cryptocurrencies.
Despite a severe market correction, Goldman Sachs has been investing more heavily in cryptocurrency this year. The Wall Street titan made its first Bitcoin-backed loan in April. Goldman Sachs executed its first Ethereum non-deliverable in June. Following a three-year hiatus, one of the largest cryptocurrency banks has decided to relaunch its cryptocurrency trading desk in early 2021.
