New Ethereum-Based Tool to Be Added by Bloomberg Terminal for Crypto Trading

  • Yuri Molchan
    📰 News

    Bloomberg Terminal is about to add a new debt financial tool made on the basis of Ethereum


New Ethereum-Based Tool to Be Added by Bloomberg Terminal for Crypto Trading
Contents

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.

👉MUST READ

Tron Community: Justin Sun’s Dinner with Warren Buffett May Benefit Crypto and Blockchain Industries

Tron Community: Justin Sun’s Dinner with Warren Buffett May Benefit Crypto and Blockchain Industries

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.

Cover image via u.today
Subscribe to the official U.Today Telegram channel. Get news first!

About the author

Yuri has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

👓 Recommended articles

Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
Contents

Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

👉MUST READ

Facebook Could Rake in $19 Bln After Rolling Out Its Cryptocurrency: Barclays

Facebook Could Rake in $19 Bln After Rolling Out Its Cryptocurrency: Barclays

The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

👉MUST READ

'Facebook Coin' Ripped to Shreds by Cryptography Gurus

'Facebook Coin' Ripped to Shreds by Cryptography Gurus

Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

👓 Recommended articles