A new service by Goldman Sachs will classify coins and tokens based on their potential use, allowing investors to track changes in the digital asset market.
Goldman Sachs, the world’s largest investment bank, announced a partnership with MSCI, a leading provider of asset analysis tools, and Coin Metrics, a crypto classification company, to create the Datonomy service. The new tool will classify hundreds of digital assets.
The Datonomy service will divide all existing tokens and coins into classes, sectors, and subsectors. The classification will be based on the potential uses of cryptocurrencies. The service will include data from DeFi protocols and other smart contract platforms. Datonomy will allow potential and existing crypto investors to study the digital asset market in detail. The tool will soon be available via the Goldman Marquee financial analytics service.
The main goal is to provide transparency of the crypto market for institutional investors. According to Anne Marie Darling, Head of Client Strategy at Goldman Marquee, Datonomy will allow investors to understand this new asset class. Darling said the company aims to create a framework for classifying the fast-growing digital asset market to enable institutional investors to realize “performance tracking and risk management.”
Coin Metrics CEO Tim Rice noted that working with Goldman Sachs to standardize the cryptocurrency market will provide a “future-proof structure to monitor and analyze the digital assets ecosystem.” According to Rice, such an approach will grow the industry and attract more investors.
Recall that the interest of institutional investors in the crypto market keeps growing, but the adoption of digital assets among different investors varies considerably. Analysts attribute this trend largely to a lack of understanding among investors about the reasons behind the crypto market volatility.
