Backed now natively issues tokens on BNB Smart Chain: enabling new integrations and scalabilityExternal - Press Release
By: Chainwire • Loading...External PR
Zug, Switzerland, August 29th, 2023, Chainwire
Backed has extended its native token issuance to include the BNB Smart Chain (BSC) to bring our products to a wider audience and give our clients the flexibility to choose the blockchain that works best for their use case.
Backed is on a mission to bring off-chain assets onto crypto rails. We issue 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 - which is at the forefront of blockchain technology regulation.
One of BNB Chain’s main value propositions 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 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. This marks another milestone towards Backed’s mission to enable the seamless integration of RWAs on-chain.
Backed’s products are already finding use cases such as collateral for stablecoins and money markets by Angle Protocol - making use of bC3M and bHIGH. Ribbon Finance is utilizing bIB01 for its own structured product yields. Our tokenized treasury products are also being used by treasury managers as a yield-baring, stable way to park their funds fully on-chain.
Backed strives to enable innovation and we will continue to expand our token issuance to new networks.
"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." - Giorgio Giuliani, Head of Product at Backed.
About Backed Finance
Backed is a Swiss start-up bridging real-world assets on-chain. Backed 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.
Backed’s products are only sold directly to qualified investors and licensed resellers. Backed’s tokens are not 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 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. It is the world’s largest smart contract blockchain by daily active users. It has processed 3 billion transactions to date from 232 Million unique addresses making it the largest layer 1 blockchain globally and bringing developers massive user access with ultra-low gas fees, 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 across multiple categories such as DeFi, Metaverse, Blockchain Gaming, SocialFi, NFT, Infrastructure, and more. There are numerous programs available to support the Web3 ecosystem including the Gas Grant, Builder Grant, Kickstart, Most Valuable Builder (MVB) and AvengerDAO.
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