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Exchange tokens and digital assets associated with proof-of-stake blockchain networks have outperformed the broader cryptocurrency market since the end of 2019, while privacy-focused digital tokens have underperformed, Goldman Sachs wrote in a new report.

“As the market matures, monitoring crypto’s market segments may help determine which network features investors are rewarding, as well as the prospect for practical applications of the technologies,” Zach Pandl, Goldman’s co-head of foreign-exchange strategy, and analyst Isabella Rosenberg wrote Wednesday in the report.

The publication of the report represents the latest iteration of the Wall Street firm’s on-again, off-again flirtation with cryptocurrencies. As recently as June, one Goldman division panned digital assets as not “viable” for client portfolios, but the company’s analysts continue to cater to institutional investors with in-depth examinations.

 

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