TLDR

  • Bloomberg and Kaiko are delivering licensed financial data directly to blockchain networks for institutional application
  • The initial use case focuses on tokenized U.S. Treasurys and repo markets operating on the Canton Network
  • This initiative seeks to resolve inconsistent data issues within tokenized asset markets
  • The intended users are banks and asset managers, not retail crypto traders
  • The tokenized real-world asset (RWA) market—excluding stablecoins—is estimated to be approximately $25 billion

Bloomberg is partnering with Kaiko, a Paris-headquartered digital asset data firm, to deliver licensed financial data directly to blockchain networks. The two companies revealed this collaboration on Thursday.

The objective is to make pricing details, security identifiers, and reference data accessible within blockchain ecosystems. Currently, this data is usually stored in traditional off-chain databases.

This partnership addresses a specific challenge in tokenized markets. Various institutions frequently use distinct versions of the same data, leading to situations where one bank may price a Treasury bond differently from another.

This discrepancy generates reconciliation tasks and raises the risk of errors. By placing a shared, licensed data source on-chain, both firms state that all participants will be able to reference the same dataset.

The initial application centers on U.S. Treasury bonds and repo markets. These operate on the Canton Network, a permissioned blockchain designed for institutional financial purposes.

Kaiko rolled out its data on-ramp service for the Canton Network in August. This integration is now being expanded via the partnership.

The service is targeted at banks, asset managers, and regulated financial institutions. It is not intended for retail crypto traders.

Data Reliability: A Long-Recognized Issue

Concerns regarding data accuracy in tokenized real-world asset (RWA) markets are not novel. In May, Chris Yin—co-founder of RWA platform Plume—stated that the market could be significantly smaller than reported metrics indicate.

Yin estimated the actual size was nearly half of what major data aggregators were reporting then. As per RWA.xyz, current estimates put the tokenized RWA market at approximately $25 billion, excluding stablecoins.

Kaiko CEO Ambre Soubiran noted that institutional-grade data is crucial for markets to function properly. She added that the Bloomberg partnership extends traditional market data infrastructure to support tokenized securities.

Kaiko’s Growing Presence in Digital Asset Data

Kaiko has been strengthening its position in digital asset data services. In 2024, the firm acquired Vinter, a European crypto index provider.

That acquisition enhanced Kaiko’s footprint in regulated benchmark and index services throughout Europe. The Bloomberg partnership adds an additional layer to this strategy.

In tokenized markets, consistent pricing data serves a clear purpose. Many tokenized assets represent real-world instruments such as Treasury bonds, and accurate data helps ensure the on-chain version aligns with the underlying asset.

The Canton Network—where this service is being deployed—is tailored specifically for institutional financial applications. It is a permissioned network, meaning access is restricted rather than open to all.

This collaboration reflects wider efforts by traditional financial data providers to expand into blockchain-based infrastructure. Bloomberg’s licensed data is extensively used across global financial markets.