Backed Finance Expands Token Issuance to BNB Smart Chain
Backed Finance, a Swiss start-up, has announced the extension of its native token issuance to include the BNB Smart Chain (BSC). This move aims to bring their products to a wider audience and provide flexibility for clients to choose the blockchain that best suits their needs. Here are the key points:
– Backed issues ERC-20 tokens that represent the value of off-chain assets, such as treasury and corporate bond ETFs, and stocks.
– The tokens are compliant with Swiss regulations and fully collateralized by the underlying assets.
– Integration with BNB Chain offers access to a large and active user base, enhancing liquidity and market opportunities.
– BNB Chain provides lower transaction fees and faster block confirmation times compared to Ethereum.
– Backed’s products are already being used for collateral in stablecoins and money markets, as well as by treasury managers.
Giorgio Giuliani, Head of Product at Backed, expressed excitement about the expansion, emphasizing the importance of providing clients with choices and the benefits of the integration with BNB Chain. Backed Finance aims to continue expanding its token issuance to new networks.
About Backed Finance
Backed Finance is a Swiss start-up that brings real-world assets onto the blockchain. They issue on-chain tokens that track the value of assets like stocks and ETFs. These tokens are compliant with Swiss regulations and fully collateralized. Backed’s products are sold directly to qualified investors and licensed resellers.
About BNB Chain
BNB Chain is a decentralized and community-driven blockchain powered by BNB. It consists of BNB Beacon Chain, BNB Smart Chain (BSC), and BNB Greenfield. BSC is EVM compatible and offers a multi-chain ecosystem with Layer-2 solutions. BNB Chain has the largest daily active user base among smart contract blockchains and provides low fees and high scalability. The ecosystem includes various categories of dApps, and there are programs available to support the Web3 ecosystem.
Hot Take
Backed Finance’s expansion to the BNB Smart Chain is a significant step towards their goal of bringing off-chain assets onto the blockchain. By leveraging BNB Chain’s community and cost-effectiveness, Backed Finance can reach a larger audience and provide better market access for tokenized real-world assets. This integration showcases the importance of choice and flexibility in the crypto space, and it will be interesting to see how Backed Finance continues to innovate and expand its token issuance to new networks.
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