FIGIs Cover 8,000 Crypto Assets

Bloomberg and Kaiko, a leading cryptocurrency data provider, 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. The Financial Instrument Global Identifier is an open standard of the Object Management Group (OMG) and a recognized U.S. 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 to cover crypto assets in 2021, as a push for standardization 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, such as digital exchanges, data aggregators, custodians, service providers and regulators. Incorporating FIGIs at the infrastructure level enables a coherent view of market data across multiple providers and applications. FIGIs are assigned at three levels of granularity: asset, currency pair and trading platform. This hierarchy provides all market players with greater transparency and a broader view across the sector, and ultimately brings the total number of FIGI codes currently issued to 28,000. Importantly, the FIGI standard complements, and is compatible with, other relevant identifiers in the space. Each instrument assigned with a FIGI can also 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.