American multinational bank Goldman Sachs is working with investment firm MSCI and cryptocurrency intelligence firm CoinMetrics toCalled Datonomy, it classifies crypto-coins and tokens based on how they are used. It aims to better track crypto-tokens so that investors and industry participants can efficiently monitor the market. This new system of coin classification can track trends in different segments of crypto such as smart contract platforms and DeFi.
“The collaboration brings together MSCI’s expertise in critical decision support tools and services, Coin Metrics’ intelligence in the digital assets space, and Goldman Sachs’ innovative platforms paired with over 150 years of experience in financial markets to help solve this problem for clients.” The database aims to help market participants understand development in various crypto-spaces such as decentralised finance and smart contract platforms.Though Goldman Sachs has desisted from directly investing in cryptocurrencies, it has been working towards integrating blockchain technology into its trading and other business practices.its Bitcoin Futures trading products for the CME Group.
In March this year, Goldman Sachs again partnered with Galaxy Digital to offer Ethereum trading option. The same month, it the first major U.S. bank to execute an over-the-counter cryptocurrency-related trade with the digital asset financial company Galaxy Digital.that Goldman Sachs had begun offering trading with non-deliverable forwards, tied to Bitcoin’s price.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »