Bloomberg Terminal, a market leading software will soon be listing Cadence, a blockchain-based alternative investment provider that tokenizes commercial debt as per a news release published on June 4.
Believed to be the first digital asset to obtain a Financial Instrument Global Identifier (FIGI), Cadence will enable the financial professionals working with Bloomberg Terminal to research its offering and execute trades. Each FIGI record will include metadata such as interest rate, maturity schedule and instrument type.
A relatively new product, Cadence basically connects investors with businesses in need in order to temporarily bridge the gap in the latter’s cash flow. As per its website, the minimum investment amount is $500, giving consumers “opportunities traditionally reserved for institutions.” Founder Nelson Chu stated in an interview with CoinDesk, that the industry has been running opaquely via Excel spreadsheets and phone calls. Chu told the publishing:
“We are creating an immutable ledger that houses all asset-level performance data at every stage of its lifecycle, from inception through maturity. This creates an oracle of asset performance data that every counterparty in a private credit transaction can reference to accurately price, structure and invest.”
So far, the firm has had eight issuances with one-month, three-month and nine-month maturities, and automatic rollovers. All of which are viewable on the terminal. Richard Robinson, Bloomberg’s data standards lead, said in a press release:
“The assignment of a FIGI to digital assets is a natural and simple example of the standard’s native utility. It is proof that FIGI can easily extend to new, even esoteric financial instruments.”
Initially, FIGI was developed as the Bloomberg Global Identifier (BBGID), it became open-sourced in 2014 and went on to be embraced by the computer industry’s standards consortium.
All of Cadence’s issuances will be viewable under the ticker symbol CDGRP on the terminal, not to mention the ethereum blockchain. Chu said:
“We’re creating a level of transparency and efficiency that has simply never been possible before.”
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