Bloomberg and Kaiko, a cryptocurrency data provider, have announced that Financial Instrument Global Identifiers (FIGIs) now cover almost 8,000 crypto assets and suggest this makes the FIGI the most widely used open identifier in the space.
The companies issued the first series of FIGIs to cover crypto assets in 2021 as a push for standardisation in a rapidly growing cryptocurrency industry in need of greater consistency, transparency and efficiency. FIGIs for crypto assets enable interoperability between industry participants across the trading life cycle. At infrastructure level they enable a clear view of market data across multiple providers and applications.
“The continuous evolution of the cryptocurrency industry demands cohesive standards for taxonomic, regulatory and classification frameworks. Our collaboration with Bloomberg in expanding FIGIs for crypto assets is a stride towards enhancing industry interoperability and fostering efficiency,” says Ambre Soubiran, CEO of Kaiko.
The FIGI is an open standard of the Object Management Group (OMG) and a recognised US national standard by the American Standards Committee, X9, part of the American National Standards Institute (ANSI).
FIGIs are assigned at three levels of granularity: asset, currency pair and trading platform. This hierarchy provides market participants with greater transparency and a broader view across the sector. The standard complements, and is compatible with, other relevant identifiers in the space with each instrument assigned with a FIGI able to be tied at an asset level to the ISO’s Digital Token Identifier (DTI), or to an International Securities Identification Number (ISIN) with appropriate licensing.
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