Swiss-based real-world asset tokenizer Backed has announced the launch of its latest tokenized security product, bIB01, on the Base blockchain, Coinbase’s Layer 2 (L2) network. This new tokenized security offers investors a digital way to engage with traditional financial assets, resembling the performance of a short-term US treasury bond exchange-traded fund (ETF).
The Power of Tokenized Securities
Backed operates under the Swiss Distributed Ledger Technology (DLT) Act, issuing bTokens. These Ethereum-based ERC-20 tokens represent the value of various real-world assets, such as treasury ETFs, corporate bond ETFs, and publicly traded stocks. With full collateralization by the underlying assets, similar to stablecoins, bTokens ensure that their value consistently reflects the real-world assets they represent.
Expanding Offerings on Base Blockchain
The introduction 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.
“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’s Head of Product
Base, developed by an internal team at Coinbase, opened to the public in February this year. However, 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.
bTokens are exclusively available for purchase by qualified investors and licensed resellers who have undergone know-your-customer (KYC) and anti-money laundering (AML) checks.
