Goldman Sachs has partnered with MSCI and Coin Metrics to launch its new data service for crypto markets, called Datonomy.
Goldman Sachs, one of Wall Street’s leading investment banks, has designed a new platform to help cryptocurrency researchers, service providers and investors participate in the growing crypto market. Through its new Datonomy service, Goldman Sachs aims to provide data analysis tools for digital assets.
Datonomy will serve as a new ranking system for the digital asset market that will allow investors to track crypto market trends. Additionally, Datonomy will facilitate risk analysis, performance evaluation, and help in the creation of new products.
This data service for crypto markets was created in collaboration with Coin Metrics and the MSCI stock index, which will be the sole owner and administrator of this new system. In a Press releaseGoldman Sachs announced that Datonomy will have an advisory board that will be made up of members of the bank, the MSCI stock index and the Coin Metrics platform, as well as other external members.
What are the features of Datanomy?
One of the key functions Datonomy will perform will be to classify cryptocurrencies and tokens based on how they are used. Stéphane Mattatia, managing director and global head of derivatives licensing and thematic indices at MSCI, said that a consistent and standardized framework such as the one Datonomy will offer for classifying digital assets “is essential to support investors’ ability to assess the market.”
This new service will help investors and crypto market participants track trends and identify opportunities across different sectors of the ecosystem, including smart contracts, decentralized finance (DeFi), NFTs, and the Metaverse.
Goldman Sachs reinvents itself in the crypto industry
The growing cryptocurrency boom is driving more banks and financial institutions to offer cryptocurrency-related services and products to their customers.
In March of this year, Goldman Sachs published the results of a survey of its investors, which revealed that 60% of the investors surveyed have a strong appetite for cryptocurrencies and other products in the industry. The bank also surveyed several insurance companies to find out their interest in cryptoassets. Nearly 20 insurance companies that participated in the survey said they were prepared to invest in bitcoin.
As a result of this interest, Goldman Sachs is developing new products and services focused on cryptocurrencies, such as Datonomy, with which it also seeks to offer a greater level of transparency to the crypto market.
This year, the US bank began offering its clients exposure to Ethereum through asset management company Galaxy Digital. Goldman Sachs also made its first OTC trade, buying a non-deliverable option on Bitcoin from the same company.
Continue reading: SWIFT tests the circulation of CBDCs and tokenized assets
