Banking behemoth Goldman Sachs is set to unveil a cryptocurrency classification system for hundreds of cryptocurrencies, such as Bitcoin (BTC), XRP, Shiba Inu (SHIB), Solana (SOL) and hundreds of other tokens, CNBC reports.
The new service, which is called Datonomy, has been developed in partnership with cryptocurrency intelligence firm Coin Metrics and finance company MSCI. It aims to be a comprehensive framework for the global cryptocurrency ecosystem that will make it easier for institutional investors to navigate a complex and dynamic industry.
Anne Marie Darling, head of client strategy for the bank's Marquee platform, has noted that the cryptocurrency industry has significantly expanded over the last few years. She adds that the new data service will make it easier for clients to manage risk.
In order to get a better grasp of digital assets, institutional investors will be able to view them within various classes and sectors. Various cryptocurrencies have been divided into metaverse tokens, blockchain utilities, decentralized finance tokens, specialized tokens, application utilities, value transfer tokens, business services and other utilities.
Goldman Sachs has been pushing deeper into crypto this year despite a severe market correction.
In April, the Wall Street giant offered its very first Bitcoin-backed loan. In June, Goldman Sachs executed its first Ethereum nondeliverable.
As reported by U.Today, one of the biggest cryptocurrency banks decided to relaunch its cryptocurrency trading desk in early 2021 after a three-year hiatus.