Backed Launches Tokenized Security on Base Blockchain
Swiss-based asset tokenizer Backed has introduced its latest tokenized security product, bIB01, on the Base blockchain. This new tokenized security closely mirrors the performance of a short-term US treasury bond exchange-traded fund (ETF), providing investors with a digital way to engage with traditional financial assets. Backed operates under the Swiss Distributed Ledger Technology (DLT) Act and issues Ethereum-based ERC-20 tokens called bTokens. These tokens represent the value of various real-world assets, including treasury ETFs and publicly traded stocks. The tokens are fully collateralized by the underlying assets, ensuring that their value always reflects the real-world assets they represent.
Significant Expansion for Backed
The launch of the bIB01 token on the Base blockchain marks a significant expansion of Backed’s tokenized security offerings. The Base blockchain, known for its developer-friendly environment and cost-effectiveness, provides an ideal platform for Backed to experiment with and launch innovative tokenized securities products. Giorgio Giuliani, Backed’s Head of Product, expressed confidence in Base as an excellent platform for further experimentation.
Not Available in the US
It is important to note that Backed’s tokenized assets have not been registered with the Securities and Exchange Commission (SEC) or any US state securities regulator. As a result, these tokens cannot be offered, sold, or delivered within the US. Additionally, bTokens are only available for purchase by qualified investors and licensed resellers who have undergone know-your-customer (KYC) and anti-money laundering (AML) checks.
Hot Take: Backed Expands Tokenized Security Offerings on Base Blockchain
Backed’s introduction of its latest tokenized security product, bIB01, on the Base blockchain demonstrates its commitment to expanding its offerings in the crypto space. By providing investors with a digital way to engage with traditional financial assets, Backed taps into the growing demand for tokenized securities. The use of the Base blockchain offers a developer-friendly environment and cost-effectiveness, making it an ideal platform for Backed’s innovative products. However, it is important to note that these tokenized assets are not available in the US due to regulatory restrictions. Overall, Backed’s expansion on the Base blockchain showcases its dedication to driving innovation in the crypto industry.
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