Nikolas Sargeant
Backed has extended its native token issuance to include the BNB Smart Chain (BSC). In a press release shared with Cryptowisser, the team said it made this move to bring its products to a wider audience and give its clients the flexibility to choose the blockchain that works best for their use case.
The team said it is on a mission to bring off-chain assets onto crypto rails. Backed has issued ERC-20 tokens - or equivalent on other chains - that track the value of treasury and corporate bond ETFs as well as stocks.
The tokens are freely transferable across wallets, fully collateralized by the underlying assets, and issued in compliance with Swiss regulations.
One of the main reasons it expanded to the BNBChain is its community. BNBChain is the world’s largest smart contract blockchain by daily active users. The integration provides a large and active user base, enhancing liquidity and market access for Backed’s products.
Furthermore, BNB Chain offers significantly lower transaction fees compared to the Ethereum network, making it more cost-effective. BNB Chain is designed to handle high transaction volumes with faster block confirmation times.
Backed said its products are already finding use cases such as collateral for stablecoins and money markets by Angle Protocol - making use of bC3M and bHIGH.
In addition to that, Ribbon Finance is utilizing bIB01 for its own structured product yields. Backed tokenized treasury products are also being used by treasury managers as a yield-baring, stable way to park their funds fully on-chain.
While commenting on this latest development, Giorgio Giuliani, Head of Product at Backed, stated that;
"We're thrilled to announce the extension of our native token offering to the BNB Smart Chain. At Backed, we believe in providing our clients with choices, and this expansion allows them to choose the best-suited chain for their needs. Our BEP-20 tokens on BSC are fully compatible with our ERC-20 tokens on Ethereum, ensuring seamless integration across networks.
This integration with the BNB Chain ecosystem brings our products to a large and active user base, saves costs, and provides better market access for tokenized real-world assets."
Backed is a Swiss start-up bridging real-world assets on-chain. It issues on-chain tokens that track the value of real-world assets, such as stocks or ETFs. Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT Act.
Meanwhile, BNB Chain is a community-driven and decentralized blockchain powered by BNB. It consists of BNB Beacon Chain, its staking and governance layer, BNB Smart Chain (BSC), which is EVM compatible and facilitates a multi-chain ecosystem with its Layer-2 solutions, and BNB Greenfield, its decentralized data storage network.
