As reported by CoinDesk, Bloomberg Terminal plans to list Cadence, a new crypto financial tool that turns commercial debt into Ethereum-based tokens of the ERC20 standard.
A new ETH-based instrument for trading
Cadence is the first financial tool based on DLT. It has recently been given a Financial Instrument Global Identifier (FIGI). This makes Cadence an easy asset for researching and trading by financial experts who use Bloomberg Terminal – a top trading software, famous around the world.
Every time a FIGI record is given, it bears the metadata of a financial tool. For example, its interest rate, instrument type, etc.
However, Cadence also includes a smart contract address located on the Ethereum blockchain.
As the founder of the tool, Nelson Chu, has early days, this business was conducted via Excel and by telephone.
As per Chu, his team is building a decentralized ledger where all data on an asset’s performance will be added for each stage of its lifecycle in order to check the maturity. There will also be other data regarding the asset’s performance, so each investor could use it for best investment.
A FIGI has been given to crypto
Cadence has so far conducted eight issuances with maturities of one, three and nine months. Besides, there are automatic rollovers. All of them will be added and presented on the Bloomberg Terminal.
The head of the data standards division of Bloomberg 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.”
When working with Cadence, crypto investors will be expected to enter with a minimum investment of $500, putting this money into short-term commercial debt tools of high yields.
Since the start of 2019, the tool has been in a private trial phase.