Zug, Switzerland, August 29, 2023, Chainwire — Backed has expanded its native token offering to include BNB Smart Chain (BSC) in order to bring our products to a wider audience and give our customers the flexibility to choose the blockchain that best suits their use case.
Backed's mission is to bring off-chain assets into crypto orbit. We issue ERC-20 tokens (or equivalent tokens on other chains) that track the value of treasury and corporate bond ETFs and stocks. These tokens are freely transferable between wallets, fully collateralized by the underlying assets, and issued in accordance with Swiss regulations - Swiss regulations are at the forefront of blockchain technology regulation.
One of the main value propositions of BNB Chain is its community, as it is the world’s largest smart contract blockchain by daily active users. This integration provides a large and active user base, enhancing liquidity and market access for our products. BNB Chain’s transaction fees are significantly lower compared to the Ethereum network, making it more cost-effective. BNB Chain is designed to handle high transaction volumes with faster block confirmation times. This marks another milestone in Backed’s mission to achieve seamless integration of RWA on-chain.
Backed’s products have found use cases such as Angle Protocol’s stablecoin collateral and money markets — leveraging bC3M and bHIGH. Ribbon Finance is leveraging bIB01 for its own structured product yields. Our tokenized finance products are also being used by finance managers as a yield-free, stable way to park funds entirely on-chain.
Backed is committed to innovation and we will continue to expand token issuance to new networks.
“We are excited to announce the expansion of our native token offering to the BNB Smart Chain. At Backed, we believe in providing choice to our customers, and this expansion enables them to choose the chain that best suits their needs. Our BEP-20 token on BSC is fully compatible with our ERC-20 token on Ethereum, ensuring seamless integration across networks.”
Integration with the BNB Chain ecosystem opens up our products to a large and active user base, saves costs, and provides better market access for tokenized real-world assets.” – Giorgio Giuliani, Head of Product at Backed
About financial support
The Swiss startup is connecting real-world assets to the chain. It supports the issuance of on-chain tokens that track the value of real-world assets (such as stocks or ETFs). The tokens can be freely transferred between wallets, are fully collateralized by the underlying assets, and are issued in accordance with the Swiss DLT Act.
Backed's products are sold directly only to accredited investors and authorized resellers. Backed's tokens will not be offered, sold, or delivered within the United States or for the account or benefit of U.S. persons.
About BNB Chain
BNB Chain is a community-driven decentralized blockchain powered by BNB. It consists of the BNB Beacon Chain, its staking and governance layer, the BNB Smart Chain (BSC), which is EVM-compatible and facilitates a multi-chain ecosystem through its layer 2 solution, and the BNB Greenfield, its decentralized data storage network. It is the world’s largest smart contract blockchain by daily active users. To date, it has processed 3 billion transactions from 232 million unique addresses, making it the world’s largest layer 1 blockchain and bringing massive user access to developers, ultra-low gas fees, higher transactions per second, and has experienced zero crashes since its inception. The ecosystem has over 1,500 active dApps at any given time, covering multiple categories such as DeFi, Metaverse, Blockchain Games, SocialFi, NFTs, Infrastructure, and more. There are many programs available to support the Web3 ecosystem, including Gas Grant, Builder Grant, Kickstart, Most Valuable Builder (MVB), and AvengerDAO.