Bloomberg Terminal to List Ethereum-Based Debt Instrument

A new product from Cadence, will soon be listed on Bloomberg Terminal; they are known to put commercial debt into ERC-20 tokens. Cardence is a leading institutional investment platform for tokenized alternative assets. Cadence is operated through debt businesses that have a need to cover short-term gaps in cash flow.

Cadence has obtained a Financial Instrument Global Identifier (FIGI) which is a first of its kind blockchain-based financial instrument. Cadence becomes easy to research and trade with this new designation, for the broad array of financial professionals in conjunction with the market-leading software Bloomberg Terminal. Each FIGI record carries with it metadata such as interest rate, maturity schedule and instrument type. The FIGI includes the smart contract address on Ethereum as well. The Bloomberg Global Identifier (BBGID) was the parent idea being open-sourced in 2014 before the FIGI was introduced and embraced by the computer industry’s standards consortium.

According to Cadence founder, Nelson Chu; “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.”

Cadence has been in private beta since January; hence it is relatively a new product. Reportedly, it will allow investors to participate with investments as small as $500 in fairly short-term, high-yield commercial debt instruments. Nelson Chu, the founder of cardence said that the Excel spreadsheets and phone calls the industry has run on make it very opaque. They claim they have made eight issuances so far, with one-month, three-month and nine-month maturities, and automatic rollovers.

All of Cadence’s issuances will be viewable on the terminal under the ticker symbol CDGRP and even the ethereum blockchain as well. In a tweet from Chu’s account, he said: “We’re creating a level of transparency and efficiency that has simply never been possible before.”

Bloomberg’s data standards lead Richard Robinson, had said in an interview by the press: “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.”

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Credits- Bradley Dale

 

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