Object Management Group (OMG) is collaborating with Kaiko for a project that will standardize crypto assets in the data market. The partnership also includes Bloomberg, who will be acting as a registered agent for the project. Kaiko will be the certified provider of Financial Instruments Global Identifier (FIGI), as it will issue standard unique identifiers for financial institutions.
The partnership is aimed at streamlining crypto asset management to reduce confusion faced by many financial market data providers. Data standards are utilized by third-party platforms, exchanges, and market information providers.
With the high demand for crypto data both by companies and government agencies, the partnership is expected to ensure a more standardized crypto-asset identifier.
Improving standardization in the crypto data market
Chief executive officer of Kaiko Ambre Soubiran commented on the partnership, by saying it will help solve a need based on a lack of standards in token identifiers.
“Early in our data collection, we recognized a lack of standards in token identifiers across a multitude of exchanges,” he stated.
Soubiran added that the firms want to work together to offer a superior token identification database. He said many of the clients who are consuming the firm’s market data have expressed difficulties they encounter when accessing data when trading on different exchanges.
The firm intends to align with these needs for its API and database management.
The Crypto data market still a growing industry
Kaiko was founded in 2014, as a provider of blockchain market data. It was set up basically for enterprise-level clients who are looking for both high availability and low-latency accessibility to order books and clean trade data.
In 2019, the firm entered into a seed funding round, raising €5 million during the round. Major funds came from companies like CoinShares, Point Nine Capital, and Anthemis Group.
However, with this latest collaboration, the firm will cement its place as a pioneer of the crypto data market. As the market grows, one of the major requirements for platform interoperability will be standardization.
The company is well-positioned to lead the chase in that area with series of projects underway.