Categories: Ethereum

Bloomberg Terminal To Soon List Cadence, A Debt Instrument Based On Ethereum

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As per the latest reports surfacing in the blockchain industry, Bloomberg Terminal has decided to list Cadence on its platform. Cadence is a debt instrument which is based on the blockchain of Ethereum. Bloomberg Terminal, on the other hand, is a market-leading computer software system that allows professionals to easily monitor as well as analyze financial market data in real-time and place informed trades.

The platform of Cadence is widely recognized for letting customers turn their commercial debts into the ERC-20 tokens. Interestingly enough, Cadence has also become the first-ever blockchain-based economic instrument to have acquired a FIGI, short for Financial Instrument Global Identifier. Now that the platform has obtained FIGI, researching and trading Cadence will become a lot easier for a larger group of finance professionals who work with the Terminal.

That seems one of the reasons why Bloomberg Terminal has planned to list Cadence.

It must be noted here that Cadence closely works with the kind of debt businesses which require to fill in the short-term cash flow gaps. Nelson Chu, the Founder of Cadence, expressed his opinions saying that the industry has always relied on phone calls as well as the Excel spreadsheets, both of which made this industry non-transparent to a great extent.

Continuing further, Chu said that they are in the process of building a ledger that’s immutable and houses all the asset-grade performance data, from inception to maturity, at each of its lifecycle stages. The Chu believes that the ledger will prove to be a great source of reference for any party involved in private credit transactions to accurately structure, price, and invest. He added saying that they are trying to create a standard of efficiency and transparency, which has never been feasible before.

So far, the entity has eight issuances to its credit with maturities of 1-month, 3-month, and 9-month duration. Apart from that, automatic rollovers are also offered. The terminal will feature all these offerings so that users can view it easily.

Every FIGI record will include with its metadata in the likes of instrument type, maturity schedule, and interest rate. In addition, Cadence will also contain smart contract address on Ethereum as it is linked to both the ERC-20 tokens and blockchain technology.

On the development, Richard Robinson, who is active as the lead data standards at Bloomberg, shared his views through a press release. He stated that assigning FIGI to a digital asset was a simple and natural example of depicting the native utility of the standard. It proved how FIGI could be easily extended to newer and esoteric financial tools.

All the issuances made by Cadence will be visible on the Bloomberg Terminal through CDGRP ticker symbol. At the same time, it will also be recorded on the blockchain of Ethereum.


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