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Unlocking a New Era in Finance: Coinbase's Base Protocol Launches its First Tokenized Security

Jack Evans
Oct 9, 2023 at 11:20 am

The dawn of a groundbreaking era in finance has arrived, as Coinbase's Base protocol takes its first stride into the realm of tokenized securities. Backed.fi, a trailblazing decentralized finance (DeFi) startup, has proudly announced the issuance of bIB01, a tokenized short-term US treasury bond ETF, marking a historic moment in the world of digital assets.

Traditionally, the world of finance has been confined to traditional institutions and cumbersome processes. However, Backed.fi is rewriting the rules by harnessing the power of Base, Coinbase's layer 2 network designed for scalable applications. With bIB01, they have unveiled the first tokenized real-world asset (RWA) on Base, propelling DeFi into uncharted territory.

Imagine a future where financial assets like ETFs can be freely transferred across wallets while remaining fully collateralized. That's precisely what Backed.fi is achieving with bIB01. This revolutionary token tracks the iShares $ Treasury Bond 0-1yr UCITS ETF and operates in compliance with the Swiss DLT act, ensuring both security and transparency.

Base, with its low-cost infrastructure and Ethereum virtual machine compatibility, offers a fertile ground for developers seeking to create scalable on-chain applications. Backed.fi has been diligently preparing for Base's mainnet launch to seamlessly integrate its tokenized RWAs, setting the stage for a financial revolution.

Giorgio Giuliani, the Head of Product at Backed.fi, shares his enthusiasm, stating, "We are incredibly excited to see how Base follows through on its commitment to be developer-friendly, and how protocols will build on Base using bTokens. We are constantly seeing fascinating new use cases developed for our product, and we are certain Base will provide an excellent platform for further experimentation."

However, it's important to note that Backed's bTokens are exclusively available to qualified investors and licensed resellers who have undergone stringent KYC and AML checks. They are not available to US-based investors or within the United States.

In summary, Backed.fi's pioneering step in tokenizing real-world assets on Coinbase's Base protocol signifies a pivotal moment in the evolution of finance. As we witness the birth of this new financial frontier, the possibilities are limitless, and the impact on the global financial landscape is sure to be profound.

As the world of finance undergoes a transformation, the launch of the first tokenized security on Coinbase's Base protocol by Backed.fi serves as a beacon illuminating the path to a more accessible and decentralized financial future. With innovation and vision, the boundaries of what is possible in the realm of digital assets continue to expand, promising exciting opportunities for both investors and developers alike. The journey has just begun, and the future of finance has never looked more promising.

Read more: Taiwan's Upcoming Crypto Regulation: Striking the Balance Between Oversight and Growth

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