Bloomberg and Kaiko, a leading cryptocurrency data provider, have announced the expansion of Financial Instrument Global Identifiers (FIGIs) to cover nearly 8,000 cryptoassets, cementing FIGI as the most widely used open identifier in the space and bolstering the search for standardization in a growing industry.
This development, announced on January 11, 2024, highlights the continued evolution of the cryptocurrency industry and the need for cohesive standards for taxonomic, regulatory and classification frameworks.
Bloomberg & @kaikoData announced that Financial Instrument Global Identifiers (FIGIs) now cover almost 8,000 crypto assets, making the FIGI the most widely used open identifier in the space and furthering the push for standardization in a growing industry. https://t.co/zS49iJdzWU
— Bloomberg Terminal (@TheTerminal) January 11, 2024
Ambre Soubiran, CEO of Kaiko, highlighted that this collaboration with Bloomberg represents a significant step towards greater interoperability and efficiency in the industry.
FIGI is an open standard from the Object Management Group (OMG) and is recognized as a US national standard by the American Standards Committee, X9, part of the American National Standards Institute (ANSI).
Bloomberg and Kaiko issued the first series of FIGIs for crypto assets in 2021
In this way they drove standardization in a rapidly growing cryptocurrency industry that needed greater consistency, transparency and efficiency.
FIGIs for cryptoassets enable interoperability between industry participants throughout the trading lifecycle, including digital exchanges, data aggregators, custodians, service providers and regulators.
Incorporating FIGIs at the infrastructure level provides a consistent view of market data across multiple vendors and applications.
These identifiers are assigned to three levels of granularity: asset, currency pair, and trading platform.
This hierarchy offers all market players greater transparency and a broader view of the sector, bringing the total number of FIGI codes currently issued to 28,000.
A highlight is the compatibility of the FIGI standard with other relevant identifiers in the cryptocurrency space.
Each instrument assigned with a FIGI can be linked at the asset level to the ISO Digital Token Identifier (DTI) or to an International Securities Identification Number (ISIN) with the corresponding license.
Regarding the dissemination of this information, the Bloomberg Terminal, a platform widely used by financial professionals, has supported this announcement on its official channels.
This highlights the relevance of the development, as financial professionals using the Bloomberg Terminal can now benefit from the expansion of FIGIs coverage, accessing more standardized and consistent information on a wider variety of cryptoassets.
