The First Tokenized Security on Coinbase’s Base has Been Launched
Backed.fi, a decentralized finance (DeFi) startup, has announced the launch of the first tokenized security on Base, Coinbase’s layer 2 network. The tokenized security, called bIB01, is a short-term US treasury bond ETF. Backed utilizes Base to tokenize financial assets such as ETFs, allowing them to be freely transferable across wallets while remaining fully collateralized. The bIB01 token tracks the iShares $ Treasury Bond 0-1yr UCITS ETF and operates under the Swiss DLT act. Base provides a low-cost environment optimized for developers building scalable on-chain applications. Backed has been preparing for Base’s mainnet launch to seamlessly integrate its tokenized real-world assets.
“We are incredibly excited to see how Base follows through on its commitment to be developer friendly, and how protocols will build on Base using bTokens. We are constantly seeing fascinating new use cases developed for our product, and we are certain Base will provide an excellent platform for further experimentation.” – Giorgio Giuliani, Backed Head of Product
Backed’s bTokens are sold exclusively to qualified investors and licensed resellers who have undergone KYC and AML checks. These tokens are not available to US-based investors or within the United States. Backed is a Swiss startup focused on tokenizing real-world assets like stocks, ETFs, and bonds to enable their transferability across wallets.
Hot Take: Tokenizing Real-World Assets Expands Possibilities in DeFi
The launch of the first tokenized security on Coinbase’s Base marks an important milestone in the expansion of decentralized finance (DeFi). By tokenizing real-world assets like ETFs and bonds, platforms like Base enable greater liquidity and transferability across wallets. This development opens up new possibilities for investors and developers alike, allowing for innovative use cases and experimentation in the DeFi space. Backed’s bIB01 token, which tracks a short-term US treasury bond ETF, demonstrates the potential of tokenized securities to bridge traditional finance with blockchain technology. As more assets are tokenized, we can expect to see increased adoption of DeFi and further advancements in the integration of real-world assets on the blockchain.
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