Investment banks are now competing with each other to attract as many people as possible. At a time when cryptocurrencies are on the rise, they are developing various solutions to reassure users about the reliability of crypto wallets. This is the case with Goldman Sachs. It is currently developing a cryptographic classification system for institutional investors.
A cryptographic project under development
The official announcement was posted on the account of Twitter by Coin Metrics. This blockchain analytics firm is in fact teaming up with multinational investment bank Goldman Sachs and MSCI to develop a cryptographic classification system: Datonomy.
More precisely, this project was initiated by Goldman Sachs. More than just an investment bank, it positions itself as a financial giant in the United States. MSCI and Coin Metrics will act as development partners. It is particularly aimed at institutional investors, including hedge fund managers and asset management companies (including crypto platforms). “The bank wants to help investors make sense of cryptocurrencies,” explained the CEOs of the three participating entities.
What will Datonomy bring to the world of cryptocurrencies
The name of the Datonomy cryptocurrency classification system was not chosen at random. It really is a play on the scientific term “taxonomy”. It is used to classify the natural world.
Therefore, Datonomy will have the main mission of classifying the digital asset space (including cryptocurrencies) into different classes. These classes will in turn be divided into sectors and subsectors. The goal of this approach: to facilitate institutional investors’ understanding of the digital asset ecosystem.
More explicitly, the Datonomy cryptocurrency classification system will generate data streams that will serve as support for analysis and research. Institutional investors will be able to use them to manage crypto portfolios, but that’s not all! It will also allow them to compare performance and even create different investment products.
In their approach, Goldman Sachs, MSCI, and Coin Metrics don’t just aim to create a consistent and standardized framework for cryptocurrency classification. They also intend to optimize the development of this ecosystem and make cryptocurrencies accessible to as many people as possible. A project to follow closely …
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years. I discovered trading and cryptocurrency just a few years ago. But it is a universe that interests me a lot. And the topics covered within the platform allow me to learn more. Singer in my free time, I also cultivate a great passion for music and reading (and animals!