November 3, 2022
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Goldman Sachs To develop Crypto Classification System
Goldman Sachs continued to expand its footprint in the emerging cryptocurrency industry.
American multinational investment bank and finance giant Goldman Sachs said it will soon launch a crypto classification system, Datanomy. The experts believe, with this classification system by Goldman Sach, the crypto market will gain confidence of the investors and traders across the world
What Is Goldman Sachs Datanomy?
The Wall Street bank stressed on the need for a standardized framework for crypto classification to ease investor understanding of the market. There is an increased need for performance tracking and risk management in digital asset markets, it said. In an announcement, the big bank said the Datanomy project is being done in collaboration with MSCI, and Coin Metrics. The new classification system for cryptocurrencies will provide market participants with a consistent view of the market, it explained.
The big bank said Datanomy is a tool that classifies coins and tokens based on how the respective cryptocurrencies operate. The system would help analyze the crypto ecosystem and raise transparency into market movements. Datanomy could be used for various use cases including the review and assessment of portfolio performance and reporting.
Datanomy will allow investors to track trends across different industries, such as smart contract platforms and Decentralized Finance (DeFi). Anne Marie Darling, a Golman Sacs executive, said, “Datonomy has been designed to fill this gap as the digital assets market matures and can serve directly as the basis for portfolio management, reporting, benchmarking, research, and analysis.”
Crypto Footprint Expands
Earlier this year, the Wall Street bank traded the first block trade of Bitcoin futures in Asian markets. Prior to that, the bank traded a Bitcoin-linked instrument with crypto bank Galaxy Digital. The trade made Goldman Sachs the first major U.S. bank to trade an over the counter (OTC) crypto instrument.
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