DJ Backed Brings Tokenized Real-World Assets to Six New Blockchains
Chainwire Backed Brings Tokenized Real-World Assets to Six New Blockchains 08-Aug-2023 / 15:00 GMT/BST The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Zug, Switzerland, 8 August 2023 - Tokenized real-world assets (RWAs) developer Backed has announced that it is bringing its products to a series of new ecosystems. Its incorporation of Chainlink price feeds has expanded the number of protocols and applications that can utilize Backed's tokenized RWAs. The chain-agnostic design of Backed's tokenization technology makes it compatible with any blockchain ecosystem. Backed's tokenized real world assets can now be accessed on BNB Chain, Arbitrum, Fantom, Avalanche, Gnosis, Polygon, and Ethereum. Support for further networks is currently being developed. The ability to use RWAs on an array of EVM compatible chains adds flexibility for DeFi developers, who can create powerful products within their ecosystem. It also gives users the convenience of being able to use tokenized RWAs across a broad range of protocols. One of the greatest challenges when tokenizing RWAs is interfacing between TradFi and blockchain infrastructure. Backed solves this by leveraging Chainlink's decentralized price feeds. These provide independent price indicators for DeFi ecosystems on the underlying assets of Backed's bIB01, bIBTA, and bCSPX. Giorgio Giuliani, Head of Product at Backed, said: "By expanding to new networks such as BNB Chain, Avalanche, Fantom, and Arbitum, there are new options for our clients, which is vital for supporting a diverse range of applications. Natively issuing on these new chains brings our products to large and active user bases, saves costs, and provides better market access for tokenized real-world assets." A number of DeFi projects have already created novel products that utilize Backed's composable tokens. These include Angle Protocol, which uses the former's bC3M and bHIGH assets as collateral for its agEur stablecoin and lending platform. Ribbon Finance is also using the bIB01 asset to generate yield for its own structured products. Backed is a leader in bringing off-chain assets onto crypto rails. It issues permissionless ERC20 tokens - or equivalent on other chains - that track the value of treasury and corporate bond ETFs as well as stocks. These tokens are freely transferable across wallets while remaining fully collateralized by the underlying assets. Backed tokens are issued in compliance with Swiss regulations, making them a robust and secure onchain financial product. Real-world assets are seen as a major driver of institutional adoption of DeFi. They give TradFi firms an incentive to execute trades onchain, taking advantage of benefits such as transparent pricing and greater liquidity for assets such as real estate, carbon credits, and government bonds. Vaults created using RWAs as collateral enable depositors to earn yield while taking advantage of attractive borrowing options without the need to offramp their crypto assets to fiat. A number of DeFi protocols are harnessing RWAs as a means of utilizing traditional financial instruments and coupling them with existing primitives for lending, borrowing, and trading. About Backed Backed is expanding access to financial assets by bridging RWAs into decentralized finance. Its fully backed ERC20 tokens represent the value of popular financial assets and can be used across the DeFi ecosystem. These composable tokenized securities track the value of RWAs such as bonds, stocks, or ETFs and power a new age of decentralized finance applications. Learn more: https://backed.fi/ Disclaimer Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are not marketed, offered, or solicited in the U.S. or in any other prohibited jurisdiction. For a full list of prohibited and restricted countries and review of legal documentation, please visit https:// www.backedassets.fi/legal-documentation Backed is not affiliated with or licensed by BlackRock Inc., BlackRock Fund Advisors and any of its affiliates and bHIGH, bIB01, bIBTA, bCSPX are not iShares products. Contact pr@marketacross.com MarketAcross PR =---------------------------------------------------------------------------------------------------------------------- Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =----------------------------------------------------------------------------------------------------------------------
1698691 08-Aug-2023
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(END) Dow Jones Newswires
August 08, 2023 10:00 ET (14:00 GMT)
