Tokenized RWA Issuer Backed Raises $9.5 Million in Series A Funding Round

Backed (Backed Finance AG), a leading issuer of tokenized real-world assets and tokenization services, announced on Tuesday, April 30th, that it has raised $9.5 million during its Series A funding round.

In a press release obtained by Cryptowisser, Backed revealed that Gnosis led the funding round. It also included existing and new investors Exor Seeds, Cyber Fund, Mindset Ventures, Stake Capital Ventures, Blockchain Founders Fund, Blue Bay Capital, and Nonce Classic.

While commenting on this funding round, Adam Levi, Co-founder at Backed, 

"We are thrilled to have secured this significant investment round, with strong participation from both new and existing investors. This funding is a testament to the potential of tokenization, and will allow us to build new products suited to the needs of institutional clients."

According to Backed, the capital will accelerate its private tokenization offering, focussing on bringing asset managers onto blockchain rails. Youbin Kang, CEO at Nonce Classic, added that,

"Global financial markets are fragmented, hindering accessibility and efficiency. Backed aims to solve these issues by bringing RWAs on-chain. With deep expertise in regulation, technology, and crypto, Backed is poised to lead tokenization innovation in both TradFi and DeFi. At Nonce Classic, we're eager to promote the RWA market in Korea and support Backed's global expansion."

Walt Smith, Investor at cyber•Fund, also commented that,

“For decades settlement has increased cost, heightened inefficiencies, birthed novel risks, and ultimately gate kept most of the world from accessing and benefiting from markets. Compliant tokenization on credibly neutral networks like Ethereum marks the end of these issues and the beginning of a new era of digital, global commerce.”

The funding round comes shortly after Backed announced the launch of its comprehensive suite of services providing tokenization solutions for institutions. The company’s offerings specifically address the needs of financial institutions, allowing them to securely and efficiently issue tokenized assets.

The company’s tokenized assets, dubbed bTokens, focus on being composable and interoperable. bTokens are issued as permissionless ERC-20 tokens and were recently used as stablecoin collateral by Angle Protocol’s new USD stablecoin USDA. They were also used to create real-world yield vaults on MorphoBlue.

Backed issues permissionless tokens that track the value of real-world assets and are fully collateralized by them, such as stocks or ETFs. Tokens are issued in compliance with the Swiss DLT Act. Backed offers tokenization services to institutional clients, bridging the gap between TradFi and DeFi.