Backed Finance and its tokens are not available for US individuals and are not marketed or offered in the US or other prohibited jurisdictions. For more information please refer to our Terms.
We are excited to announce Backed, a new project expanding access to financial assets by bridging equities into decentralized finance. Backed introduces fully backed ERC20 tokens that represent the value of popular equities like Tesla, Google, Apple and can be used across the DeFi ecosystem.
The next milestone of crypto-assets
We believe that reliable financial infrastructure should be accessible to everyone around the globe. For the first time in history, internet-native money enables worldwide access to an open financial system. And still, most financial assets remain external to today’s innovation on the blockchain.
Backed is built on the notion that all publicly traded assets will eventually become crypto tokens, tradable across borders and blockchain platforms. We are developing the infrastructure to enable this shift, following the path of important players in our ecosystem, like Circle and Paxos.
Some tokenized securities and synthetic trackers have appeared on the market, yet due to their limitations, they struggle to establish a strong foothold. Currently, most assets available are platform-specific or lack the kind of trust consumers have with an asset like USDC. Our priority has been to overcome those challenges and introduce an interoperable, compliant product from day one.
Backed Finance is the gateway for tokenized stocks and equities on the blockchain. Backed issues tokens that represent the value of a financial asset. For each minted token, Backed buys the underlying asset (1-to-1) and holds it via a licensed custodian. Eligible token holders can redeem their tokens for the market value of the underlying asset.
We chose to first build on Ethereum, the most robust crypto network today. This will allow our users to maximize the usability of Backed tokens across the DeFi ecosystem and also migrate them to other chains through existing bridges.
Soon, users will be able to integrate new assets to their DeFi strategy — lend Google tokens on Compound, use Apple as collateral for Maker’s DAI, include ETFs into a Yearn strategy, and create new DeFi derivatives based on Tesla, among countless other options.
Backed assets are:
Fully-backed — Tokens are backed 1-to-1 with their underlying asset.
Compliant — Operates within a compliant regulatory framework based on the Swiss DLT act.
DeFi compatible — Since Backed tokens are ERC20, users will benefit fully from DeFi’s strengths:
- Accessible — Available around the world, 24/7.
- Efficient — No need to wait for cash transfers, T+2 or other inefficiencies. Simply trade a $TSLA <> $USDC pair.
- Composable — Every protocol that uses ERC20 can potentially work with Backed tokens.
- Innovative — DeFi is the nexus of financial innovation today, and Backed users will benefit from that in the years to come.
We’re excited to finally bring our product to market over the coming months. In the meantime, we invite you to engage with us on Twitter, LinkedIn, and Medium to stay up to date.
You can also register to get updates from us at https://backed.fi
If you are a financial platform looking to learn more about Backed assets — please get in touch at [email protected]
Backed Finance was founded in early 2021. We raised our seed round in May 2021 with support from Gnosis, Semantic Ventures, and Stratos technologies.
We are a fully remote team, headquartered in Zug, Switzerland. If you’re excited about the intersection of stocks and crypto, please reach out to us!
We’re actively hiring for UX, legal, design, marketing, and engineering roles.