Bloomberg Terminal Will Include Cadence, an Ethereum Blockchain-based Debt Instrument

The traditional finance and cryptocurrency worlds keep colliding, especially with a new listing that has been announced for Bloomberg Terminal – Cadence. Cadence is a platform that allows users to make their debts into ERC-20 tokens. How will it impact investors and the way that they handle their own debts?

  • Blockchain-based Cadence becomes recipient of FIGI.
  • Cadence will be available through a new listing with Bloomberg terminal.

The Cadence platform allows consumers to convert their commercial debt into ERC-20 tokens. The platform has recently made headlines is for becoming the first blockchain-based financial instrument to obtain a Financial Instrument Global Identifier (FIGI). By having a FIGI, Cadence now becomes easier to research and can be traded, which is exactly why Bloomberg Terminal plans to list it.

With FIGI records, all of the metadata is included, like maturity schedule, instrument type, and interest rate. Since Cadence is connected with blockchain and ERC-20 tokens, their FIGI features a smart contract address on Ethereum as well.

Cadence is directly involved with debt businesses that need to create a seamless flow in cash, rather than succumbing to short-term gaps. Nelson Chu, the founder of Cadence, believes that the reliance on Excel spreadsheets and phone calls has created an opaque approach. Speaking with CoinDesk, Chu notes that the whole is to develop “an immutable ledger that houses all asset-level performance data,” covering

“inception through maturity.”

Chu added, “This creates an oracle of asset performance data that every counterparty in a private credit transaction can reference to accurately price, structure and invest.” At this point, there are eight issuances through the firm, utilizing one-month, three-month, and nine-month maturities. They also offer automatic rollovers, and all of these issuances can be seen on the terminal.

The lead of data standards with Bloomberg, Richard Robinson, said that using an FIGI with cryptocurrency assets shows a “natural and simple example of the standard’s native utility.” He further states that the fact that an FIGI can be obtained by a blockchain-based instrument shows that it is capable of being adapted to “esoteric” and “new” use cases.

FIGIs were preceded by the creation of the Bloomberg Global Identifier (BBGID), but the innovation was open sourced by 2014 when it was welcomed by the consortium on industry standards for computers. Even though Cadence is still in its infancy, it will allow users to get $500 and higher investments with short-term commercial debt instruments. It has only been available in private beta since the start of the year.

On the terminal, users will see a ticker symbol CDGRP for the Cadence issuances, which will also be logged on the Ethereum blockchain. Chu commented that this innovation makes it possible to develop

“a level of transparency and efficiency that has simply never been possible before.”

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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