Tuesday, May 21, 2024
HomeFinanceBacked Finance AG raises $9.5 million to increase tokenization providers

Backed Finance AG raises $9.5 million to increase tokenization providers

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Tokenization protocol Backed Finance AG has raised $9.5 million in a Collection A funding spherical. The capital injection was led by Gnosis and included participation from Exor Seeds, Cyber ​​Fund, Mindset Ventures, Stake Capital Ventures, Blockchain Founders Fund, Blue Bay Capital and Nonce Basic.

Backed Finance mentioned the brand new funding will strengthen its personal tokenization choices and give attention to connecting asset managers with blockchain know-how. Actual-world asset (RWA) tokenization continues to be a sizzling matter within the crypto world, thought of one of many key makes use of of blockchain know-how.

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Backed just lately launched a full suite of tokenization providers together with a tokenized Treasury bond based mostly on the Layer 2 community. The protocol transformed BlackRock's iShares UCITS bond ETF, which tracks a mixture of short-term US Treasuries, right into a tokenized model.

This additionally consists of issuing bTokens – permissionless ERC-20 tokens which are stackable and interoperable. Extra just lately, these tokens have been used as Angle Protocol's stablecoin collateral for his or her USD stablecoin, USDA, and to create actual revenue vaults on MorphoBlue.

“We’re excited to have secured this vital funding spherical with sturdy participation from each new and current buyers. This funding is a testomony to the potential of tokenization and can permit us to create new merchandise suited to the wants of institutional purchasers,” he added. mentioned Adam Levi, co-founder of Backed.

With the brand new funding, Backed continues to develop its know-how to make sure that all information involving tokenized belongings is correct and verifiable.

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Primarily based mentioned it offers a bridge between conventional finance (TradFi) and decentralized finance (DeFi) by way of its tokenization providers. The blockchain protocol runs on the Swiss Distributed Ledger Expertise (DLT) Act, which permits it to situation backed-up tokens (bTokens) that mirror the worth of varied belongings, together with sovereign ETFs, company bond ETFs, and shares.

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