Backed expands native token issuance to BNB Smart Chain to bring its products to a wider audience

Backed, a Swiss blockchain startup that brings real-world assets on-chain, has expanded its native token issuance to include the BNB Smart Chain (BSC). This move will allow Backed to bring its products to a wider audience and give its clients the flexibility to choose the blockchain that works best for their needs.

Backed is on a mission to bring traditional assets onto the blockchain. The company issues ERC-20 tokens that track the value of treasury and corporate bond ETFs, as well as stocks. These tokens are freely transferable across wallets, fully collateralized by the underlying assets, and issued in compliance with Swiss regulations.

The BNB Smart Chain is a popular blockchain for decentralized finance (DeFi) applications. It has a large number of daily active users and offers significantly lower transaction fees than the Ethereum network. This makes it a more cost-effective platform for Backed to issue its tokenized assets.

The integration with the BNB Smart Chain is a major milestone for Backed. It marks another step towards the company’s mission to enable the seamless integration of traditional assets onto the blockchain.

Backed’s products are already finding use cases in the DeFi space. Angle Protocol, a decentralized stablecoin protocol, is using Backed’s tokenized treasury products as collateral for its stablecoins. Ribbon Finance, a yield farming platform, is using Backed’s tokenized structured products to generate yield.

Backed is committed to enabling innovation in the DeFi space. The company plans to continue expanding its token issuance to new networks, such as the Ethereum layer 2 solutions Polygon and Arbitrum.

In a statement, Backed Head of Product Giorgio Giuliani said: “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”

Founded in 2021, Backed is a Swiss startup that brings real-world assets onto the blockchain. They do this by issuing on-chain tokens that track the value of real-world assets, such as stocks or ETFs. These tokens are freely transferable across wallets and are fully collateralized by the underlying asset. Backed’s products are only sold directly to qualified investors and licensed resellers and are not offered, sold, or delivered within the United States.

BNB Chain is a community-driven and decentralized blockchain that is powered by BNB. It is the world’s largest smart contract blockchain by daily active users and has processed over 3 billion transactions to date. BNB Chain offers ultra-low gas fees, and higher transactions per second, and has experienced zero crashes since its inception. The ecosystem has more than 1,500 estimated active dApps at any given time, and there are numerous programs available to support the Web3 ecosystem.