Technology standards consortium, Object Management Group (OMG) has selected Kaiko as the certified provider of Financial Instruments Global Identifier (FIGI) that will standardize the crypto assets in the data market. Additionally, Bloomberg is a party in the partnership as a registration agent.
FIGI issues open standard unique identifiers for financial instruments, reducing confusion with the several financial market data providers. The data standard is used by market information providers, exchanges, and also third-party platforms.
Moreover, the demand for crypto data is skyrocketing with institutional adoption, and this prioritizes the need for standard crypto asset identifiers.
“Early in our data collection, we recognized a lack of standards in token identifiers across a multitude of exchanges,” Kaiko CEO, Ambre Soubiran, explained. “Many clients who consumed our market data pointed out the difficulties in accessing data for the same token trading on different exchanges.”
“We believe we can provide a superior token identification database by building on the work we have already completed in this field for our own API and database management.”
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An Early Player in Crypto Data Market
Founded in 2014, Kaiko is a blockchain market data provider designed for enterprise-level clients who require both low-latency and high-availability access to clean trade and order book data.
The company raised €5 million in its seed funding round closed in 2019 and is backed by Anthemis Group, Point Nine Capital, and CoinShares.
This latest partnership will position the company well into the growth crypto data market as standardization will be a major requirement for interoperability of the platforms.
“FIGIs for crypto-assets brings substantial benefits to participants in the sector, and we expect to see it used over time by all key stakeholders and market participants,” OMG Director, Richard Beatch, said. “Kaiko brings significant expertise and technical experience in providing a fit-for-purpose instrument explorer and corresponding identifiers for the cryptocurrency market.”