Boring tech, with big implications.
If the Bloomberg Terminal were a dog, it'd be a Pug (ugly as sin, weirdly expensive, but adored by many).
It's basically a feed of real-time news, analytics, and stock data, that traders use to inform their decisions (paying around $24k p/y for access).
Now it looks like a similar product is about to be built for institutional investors looking to get into crypto.
Goldman Sachs will soon provide clients with an online resource, called Datonomy, that explains and categorizes cryptocurrencies.
...ok, dumb name, stuffy market niche - why is this important?
Early adopters of new technology are typically drawn in by the promise of new functionality (it's all about the tech's potential).
Blockchain has already won those people over - next is mass adoption.
But mass adoption relies more on how easy something is to understand and utilize.
If basic logic and a little bit of intuition can't be used to navigate the cool new functions of a novel technology - most people aren't going to adopt it.
(We tend to take the path of least resistance).
From a trader's perspective:
Sure, blockchain might be a new & exciting investment vehicle - but when there's money on the line, they're going to need tools that make the process of identifying opportunities, much easier.
And it looks like Datonomy is designed to do just that - the knock-on effects of which are definitely worth getting excited about:
Wall Street having the right tools to invest in blockchain = more investment in the industry = quicker development = faster adoption.
Niiice!
