According to TheBlock, Goldman Sachs is working with index provider MSCI and crypto data firm Coin Metrics to develop a crypto classification service.

The investment bank's crypto classification service will target institutional investors. The bank wants to help investors make sense of crypto, executives at the firms told CNBC, which first reported the news.

"We're trying to create a framework for the digital asset ecosystem that our clients can understand," Anne Marie Darling, head of client strategy at Goldman's Marquee platform, told CNBC. Darling added, "they increasingly need to think about performance tracking and risk management in digital assets."

The service will be known as Datonomy, a play on the scientific term for naming and classifying the natural world — taxonomy.