Goldman Sachs is set to start classifying the cryptocurrency industry in a bid to standardize the way the financial industry sees the nascent space, meaning the Wall Street giant will be classifying Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA) and even meme-inspired assets like Shiba Inu ($SHIB).

According to a report from CNBC, the investment bank is set to unveil a data service created in partnership with crypto firm Coin Metrics and global index provider MSCI. The service is looking to classify hundreds of cryptocurrencies so that institutional investors can navigate the space. Anne Marie Darling, head of client strategy at Goldman Sachs’ Marquee platform, said that the ecosystem has “really expanded over the last couple of years,” and added:

We’re trying to create a framework for the digital asset ecosystem that our clients can understand, because they increasingly need to think about performance tracking and risk management in digital assets.

Per the report, the new service is called Datonomy, in a play on the world taxonomy, which is the branch of science that names and classifies the natural world. It can be accessed as a subscription-based data feed or through Goldman’s digital storefront for institutions, Marquee.

Daring noted that the firms divided the cryptocurrency space into classes, sectors, and subsectors depending on how the tokens are used. The division allows institutional investors to see the space in a way similar to how equities are seen, divided as industry sectors like finance and technology.

Institutions will be able to use the service’s data along with analysis and research and benchmarking performance. Features include portfolio management and investment product creation based on sectors that could include smart contract platforms, the metaverse, or decentralized finance.

As CryptoGlobe reported, a survey conducted by Fidelity Investments has found that nearly 60% of institutional investors said they were invested in digital assets in the first half of the year, despite institutional investment products’ trading volumes dropping to a two-year low.

Fidelity Investments survey found that four-in-fie investors believe that investment portfolios should include cryptocurrencies, with the figure of institutional investors invested in digital assets representing a 6% increase from last year.

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