Backed (Backed Finance AG), a leader in real-world asset (RWA) tokenization, has closed the funding for its Series A initiative. It has raised a significant amount $9.5 million. Among others, the project was supported by Gnosis, an industry giant in the crypto field. Nonce Classic, Stake Capital Ventures, Blue Bay Capital, and some other high-profile investors also provided assistance.
Backed’s Funding Round Signals Progress in Traditional Finance Tokenization
The funding round represents a major step forward for Backed, which announced the platform of services helping to tokenize assets designed specifically for financial institutions a few weeks ago. Adam Levi, Co-founder at Backed, said that he was eager to welcome the investment in their company that is a cornerstone for the development of new products for our institutional clients.
Backed’s main focus is bringing traditional finance onto blockchain infrastructure by making it accessible and efficient in the global financial markets. Tokenization has been the main narrative in the crypto sphere, offering a transformative use case for blockchain technology. This funding round’s capital raised will boost the above initiatives through offering private tokenization with a focus on attracting asset managers to blockchain-based platforms.
Youbin Kang, CEO at Nonce Classic, remarks on the multiple levels of expertise Backed have achieved in regulation, technology, and cryptocurrencies. He emphasized that it will not only bring innovations to both TradFi and DeFi tokenization spheres and assured that Nonce Classic would “participate in Backed’s global expansion and promote the Korean RWA market.
Backed Introduces Tokenization Capabilities for Financial Institutions
As a result, Backed’s recently introduced collection of tokenization capabilities specially designed for financial institutions to provide an easy, safe means to tokenize assets to ensure they had all the features of bTokens. These are composable and interoperable, needing to be released as ERC-20 tokens without granting any permission.
The closing of the Series A funding round is another confirmation of the rapidly growing traction and momentum behind Backed’s vision to disrupt conventional finance vertically. The native benefits of tokenization in financial markets via tokenized assets would address the fragmentation and inefficiencies in the global financial system, ultimately increasing its overall accessibility and efficiency.
The possibility of trading tokenized assets via this platform allows financial institutions to gain exposure to blockchain for asset management and trading. Therefore, as Backed keeps pushing forward with its rollout strategy and product portfolio. As a result, it will become a major driving force for the future of finance across the whole value chain.
