Wall Street juggernaut Goldman Sachs will soon make a website that describes and organizes cryptocurrencies available to institutional clients. The program, known as Datonomy, will assist institutional investors unfamiliar with the market; the hundreds of currencies and tokens that currently make up a $1.05 trillion sector.
Project Datonomy collaborates with cryptocurrency data supplier Coin Metrics and global index provider MSCI. In a statement, Stephane Mattatia, Head of Thematic Indexes at MSCI, noted that because the ecosystem for digital assets is developing quickly, there will be a growing need for tools and solutions to help investors understand this new asset class.
Anne Marie Darling, Head of Marquee Client Strategy and Distribution at Goldman Sachs, added that the partnership combines the knowledge of Coin Metrics in the area of digital assets with Goldman Sachs’ cutting-edge platforms and more than 150 years of experience in the financial markets with MSCI’s proficiency in critical decision support tools and services.
In order to aid market players in evaluating and analyzing the ecosystem of digital assets, coins and tokens will be assessed in a uniform, standardized manner. As for decentralized finance (DeFi) and smart contract platforms, the database will give market participants a sense of what’s happening in the various crypto areas.
This year, Goldman Sachs has become more active in the cryptocurrency space. With the purchase of an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital, it became the first significant bank to conduct an over-the-counter (OTC) cryptocurrency transaction.
The heavyweight of investment banking also filed an application with the US Securities and Exchange Commission (SEC) in July 2021 for an exchange-traded fund (ETF) that would expose investors to publicly traded companies engaged in decentralized finance and blockchain technology globally. They additionally stated in April that they were studying non-fungible tokens (NFTs) while referring to them as financial instruments.