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Ethereum-based debt instrument to be listed on Bloomberg Terminal

Bloomberg Terminal. Flickr/Dick Thomas Johnson

Wed, 05 Jun 2019, 09:57 am UTC

Cadence, a New York-based startup digitizes private debt securities, has announced that all of its offerings are now fully discoverable on Bloomberg Terminal.

Founded in 2018 by Nelson Chu and Jane Yang, Cadence allows converting commercial debt into ERC20 tokens. The website states that some investment opportunities are available for as low as $500.

In a press release dated June 04, the company said that it has been assigned Financial Instrument Global Identifiers (FIGIs) for all digital investment products issued on its platform.

FIGI, formerly the Bloomberg Global Identifier (BBGID), is a framework that standardizes the way financial securities are globally identified. It can be assigned to instruments including common stock, options, derivatives, futures, corporate and government bonds, municipals, currencies, and mortgage products.

Cadence pointed out that this marks the first time that the identifier has been assigned to a digitized asset-based instrument. The identifier and the associated descriptive metadata, it said, can be shared, redistributed and used without restriction by all users throughout the industry.

Richard Robinson, Head of Data Standards and Strategy at Bloomberg, said that the assignment of FIGI to digital assets is “a natural and simple example of the standard's native utility.”

“Cadence's FIGIs can be shared freely throughout the industry as a key reference data point for their issuances,” he added.

CoinDesk reported that Cadence has made a total of eight issuances to date “with one-month, three-month and nine-month maturities, and automatic rollovers.”

“The company has been issuing structured notes with various types of private credit exposure as part of its private beta since January. With their public launch this month and the introduction of FIGIs, Cadence's investment products are poised to gain further traction at an institutional level,” Cadence said.

Subscribers of Bloomberg Terminal would now be able to find details of each offering under the ticker symbol CDGRP.

“For the first time ever, a contract address that provides an immutable, anonymized perfect cap table of these private securities is also included and publicly discoverable on explorers such as Etherscan,” the release said.

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