The American financial juggernaut and worldwide investment bank Goldman Sachs claimed it would soon launch Datanomy, a classification scheme for cryptocurrencies.
The large bank claims that Datanomy is a tool that classifies coins and tokens based on how each cryptocurrency operates. The approach, it is said, will improve market transparency and facilitate ecosystem study of cryptocurrencies. Datanomy can be used for several things, such as reporting and evaluating portfolio performance.
and financial behemoth, announced it would shortly introduce the Datanomy crypto categorization system.
Goldman Sachs, an American global investment bank and financial behemoth, announced it would shortly introduce Datanomy, a classification system for cryptocurrencies. According to the major bank, Datanomy is a tool that categorises coins and tokens according to how each cryptocurrency functions. According to the statement, the method will increase market transparency and aid in the analysis of the cryptocurrency ecosystem. Datanomy could be utilised for a variety of purposes, including reporting and reviewing portfolio performance.
Goldman Sachs Datanomy: What Is It?
The Wall Street bank emphasised the need for a unified framework for categorising cryptocurrencies to make it easier for investors to comprehend the industry. In digital asset markets, it was stated, there is a greater requirement for performance tracking and risk management. The major bank stated in a statement that MSCI and Coin Metrics are partners in the Datanomy project. According to it, the new system of categorising cryptocurrencies will give market players an uniform understanding of the industry. As the market for digital assets develops, this gap will be filled by Datonomy, which may be used as the direct foundation for portfolio management, reporting, benchmarking, research, and analysis.
Investors will be able to monitor trends in a variety of sectors, including Decentralized Finance and smart contract platforms, thanks to Datanomy (DeFi). Golman Sacs executive Anne Marie Darling commented, Building trustworthy data services for the burgeoning digital asset community is a strategic priority and a logical expansion of our current business given our dedication to offering developer services and our standing as a credible data analytics supplier to our institutional clients.
Expanding Crypto Footprint
Goldman Sachs has recently kept growing its presence in the nascent cryptocurrency market. The Wall Street bank conducted the first block transaction of Bitcoin futures in Asian markets earlier this year. A Bitcoin-linked product was previously exchanged by the bank with the cryptocurrency bank Galaxy Digital. With this transaction, Goldman Sachs became the first significant American bank to trade an OTC cryptocurrency instrument.
