As capital markets continue to embrace tokenisation, the demand for trusted, standardised reference data continues to rise.
To meet this rising demand, Bloomberg has collaborated with Kaiko, an independent provider of crypto market data for institutional investors and financial services firms. The collaboration is intended to focus initially on support for tokenised US Treasuries and repo workflows on the Canton Network, the privacy-enabled, interoperable blockchain network designed for institutional finance.
We spoke to Emilie Gallagher, global head of commodities and FX at Bloomberg, to find out more about the partnership.
Q. Why collaborate with Kaiko on this project now? Has there been a shift in the market you’ve noticed?
Our customers tell us they are actively building on blockchain infrastructure — not just experimenting, but in early-stage production. When our clients build on-chain, they need the same high-quality data they use in traditional workflows. But the broader shift is straightforward: institutional finance is moving onto blockchain rails, and Bloomberg needs to be where our clients are building.
We are collaborating with Kaiko because they have a long history of bridging on- and off-chain data in a format that meets the standards associated with traditional finance. Having worked together previously to issue Financial Instrument Global Identifiers (FIGIs) for crypto assets and bringing their data to the Bloomberg Terminal, they were the natural partner to help us build a secure, compliant on-ramp.
Q. Why is high-quality data so important? And why has it been lacking in the tokenisation industry up until now?
High-quality, consistent data has always been fundamental to institutional workflows — that doesn’t change because the underlying technology does. As our clients explore on-chain workflows, the same market frameworks and data standards they rely on today still apply. Those environments need access to the same trusted data. That’s where Bloomberg can help.
In tokenised workflows, operational challenges often arise from fragmented data sources or timing mismatches, which can lead to friction. Historically, these workflows have lacked access to institutional-grade reference data that firms use in traditional markets. We are helping our clients address these gaps by providing a single, verifiable source of data.
Q. How has institutional client demand for Bloomberg data on-chain evolved in recent years?
Demand has matured from “curiosity” to “connectivity.” A few years ago, the conversation was largely theoretical. Today, our clients are actively building on networks like Canton, and they need their existing Bloomberg data to “travel” with them into these new environments.
They want to use the platforms that best suit their business needs without sacrificing the data quality, IP protection and compliance standards they’ve spent decades establishing. Our goal is to meet them exactly where they are operating, focusing on extending our data’s reach while ensuring that our core principles of data governance and enterprise entitlement standards remain intact, regardless of the platform.
Q. What do you expect the impact of better data access will be on the digital assets landscape?
Better data access provides the clarity that institutional participants require to operate with confidence. When counterparties can reference the same verifiable Bloomberg data within their chosen workflow, it naturally reduces the need for manual reconciliation and helps mitigate operational risk. For those clients exploring on-chain workflows, having access to institutional-quality valuation data is a prerequisite for any meaningful scale.
Q. Are there plans to expand to other blockchain networks?
Our initial focus is on the Canton Network for specific Treasury and repo use cases given their momentum in institutional adoption for this use case. The Canton Network today supports more than $350 billion in daily US Treasury and repo activity.
That being said, our approach is designed to be adaptable. Bloomberg remains platform-agnostic, and we evaluate our roadmap based on where our clients are showing the most demand and where the market is evolving. As institutional participants explore new asset classes or different technical environments, we will continue to look for ways to support them with the high-quality data and enterprise standards they rely on from Bloomberg.
