Regulated asset tokenizer Backed has made its debut on Base, the L2 network created by Coinbase. Backed, based in Switzerland, specializes in placing real-world assets (RWA) on the blockchain and has now launched one of its popular products on Base. The tokenized short-term US treasury bond ETF, bIB01, is part of Backed’s family of bTokens, which also includes tokens tracking the S&P 500 and IBTA treasury bonds. This move marks the first time a tokenized security has been issued on Base and showcases a different use case for the L2 network. Base, which was launched in August, is still in the early stages of development. While it offers low fees and high throughput, its association with Coinbase gives it greater credibility compared to other rollups. It is expected that Base will be used for both retail and enterprise applications. Backed’s Head of Product, Giorgio Giuliani, expressed excitement about Base’s commitment to being developer-friendly and the potential for protocols to build on Base using bTokens. Currently, only accredited investors who have been onboarded through Backed can trade bTokens on the platform, in order to comply with regulatory obligations. The platform currently has $46 million in assets under management, primarily consisting of stocks, bonds, and ETFs.The interest in tokenized assets among institutional investors is growing, with a survey finding that over 90% of them are interested in such assets. Blockchain technology offers benefits such as round-the-clock trading and transparency in pricing, which can make global markets more equitable and accessible. Backed’s issuance of a tokenized security on Base is a testament to the maturation of blockchain and its ability to attract sophisticated investors. While this may not lead to an influx of RWAs on the layer2 chain, it highlights the growing adoption of blockchain in the financial industry.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠|
| Sentiment | neutral |
| Relevance Score | 6 |
| People | Giorgio Giuliani |
| Companies | Coinbase, Backed |
| Currencies | None |
| Securities | bonds, stocks, IBTA treasury bonds, bIB01, S&P 500 |
