Backed Finance AG secures $9.5 million in Series A funding to expand tokenization services

2024-5-1 12:44

Backed Finance AG, a prominent provider of tokenized real-world assets and tokenization services, has successfully raised $9.5 million in its Series A funding round.

The funding round was led by Gnosis and saw participation from both new and returning investors including Exor Seeds, Cyber Fund, Mindset Ventures, Stake Capital Ventures, Blockchain Founders Fund, Blue Bay Capital, and Nonce Classic.

Expanding the reach of tokenized assets

Co-founder Adam Levi expressed his enthusiasm about the successful funding round, noting,

“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.”

Bringing traditional finance to blockchain

The initiative by Backed to merge traditional finance (TradFi) with decentralized finance (DeFi) through tokenization represents a significant shift towards using blockchain technology for mainstream financial applications.

Youbin Kang, CEO at Nonce Classic, highlighted the transformative potential of bringing real-world assets (RWAs) on-chain, stating,

“Backed is poised to lead tokenization innovation in both TradFi and DeFi.”

The future of global commerce and finance

Investors have praised Backed’s approach to reducing inefficiencies in global financial markets through compliant tokenization on networks like Ethereum. Walt Smith from cyber•Fund commented on the broader impact,

“Compliant tokenization… marks the end of increased costs, heightened inefficiencies, novel risks, and the beginning of a new era of digital, global commerce.”

Launch of new tokenization solutions

In line with its funding news, Backed also announced the launch of a comprehensive suite of services providing tokenization solutions tailored to financial institutions. These offerings are designed to help institutions securely and efficiently issue tokenized assets.

Backed’s tokenized assets, known as bTokens, are composable, interoperable, and issued as permissionless ERC-20 tokens.

Recently, these bTokens have been utilized in innovative financial products such as stablecoin collateral for Angle Protocol’s USDA and in creating real-world yield vaults on MorphoBlue.

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