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Backed is integrating Chainlink Proof of Reserve to increase the transparency of bToken reserves

We're excited to announce that Backed is integrating Chainlink Proof of Reserve to increase the transparency of bToken reserves. This integration will provide market participants with higher assurances that each bToken is backed 1:1 by the underlying asset.

Backed is a pioneer in tokenized real-world assets. Backed issues freely-transferable bTokens on the blockchain that represent ownership of a structured product. Each structured product is backed 1:1 by the underlying asset, and bTokens are redeemable for their cash value. Tokenized assets are offered to professional clients and licensed resellers. 

Chainlink Proof of Reserve is a decentralized reserve verification solution that provides users with on-chain proof regarding the collateralization of off-chain assets. The decentralized service compares an on-chain asset's current supply with the off-chain reserve backing it, which, in this case, is held by a third-party custodian.

 

Integrating Proof of Reserve for bTokens - which includes an on-chain data feed - enables DeFi protocols to have near real-time insights into the collateralization of bTokens. This helps lower ecosystem risk in case of outlier events and increases confidence in the redeemability of bTokens at any point in time.

Some of the main benefits of using Chainlink PoR include:

  • Automated On-Chain Verification — By keeping an up-to-date reference contract, smart contracts can get automated, on-chain verification of wrapped asset collateralization, removing the need to conduct manual audits.
  • Decentralized — Chainlink Proof of Reserve eliminates central points of failure in the sourcing and delivery of external data to blockchains.
  • Transparent — Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to verify asset collateralization independently.

"Assets in global capital markets can benefit heavily from tokenization. Crypto markets run 24/7, settlement can take less than five minutes, and asset transfers are seamless. Backed is committed to realizing these benefits securely and transparently, and Chainlink Proof of Reserve is a core tool that will help provide our clients with unmatched transparency", comments Adam Levi, Co-founder of Backed.

*****

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert

About Backed

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 tokens are not offered, sold or delivered within the United States, or for the account or benefit of U.S. Persons.

Learn more about Backed at backed.fi and by following us on LinkedIn and Twitter.

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