Apr 30, 2024
Backed has secured a significant investment in a recent Series A funding round. The company, which recently announced a new platform of services designed to help financial institutions tokenize assets, aims to bring traditional finance onto blockchain infrastructure. This funding will support the development of new products for institutional clients.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Backed Finance | Apr 30, 2024 | $9.5M | Series A | $16.4M | Gnosis | RWA Tokenization |
The primary goal of Backed is to make traditional finance more accessible and efficient in global financial markets through tokenization. This approach has been gaining traction in crypto as a transformative use case for blockchain technology. The capital raised in this funding round will facilitate private tokenization initiatives, with a particular focus on attracting asset managers to blockchain-based platforms.
Backed has developed a collection of tokenization capabilities specifically designed for financial institutions. These capabilities aim to provide a secure and straightforward method to tokenize assets, ensuring they have all the features of bTokens. These tokens are designed to be composable and interoperable and are released as ERC-20 tokens without requiring special permissions.
The completion of this Series A funding round highlights the growing momentum behind Backed’s vision to modernize conventional finance. By leveraging tokenized assets, the company aims to address the fragmentation and inefficiencies in the global financial system, thereby increasing its overall accessibility and efficiency.
The platform's ability to trade tokenized assets allows financial institutions to gain exposure to blockchain technology for asset management and trading. As Backed continues to implement its rollout strategy and expand its product portfolio, it is expected to play a significant role in shaping the future of finance across the entire value chain.
About Backed Finance:
Backed Finance AG focuses on the tokenization of real-world assets, providing financial institutions with tools to tokenize and manage assets on the blockchain. The company's technology enables the creation of ERC-20 tokens that are composable, interoperable, and permissionless. By integrating traditional finance with blockchain technology, Backed aims to enhance market efficiency and accessibility.
Website: https://backed.fi/
Twitter Account: @BackedFi
Twitter Followers Today: 11,600
Twitter Followers 30 Days Ago: 11,176
Investor Profile:
Investor: Gnosis
Description: Gnosis is a prominent player in the crypto industry, providing decentralized infrastructure for the Ethereum ecosystem. Gnosis invests in projects that promote innovation and efficiency in blockchain technology.
Location: Berlin, Germany
Website: https://www.gnosis.io/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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