Backed expands tokenized Real-World Assets to six new Blockchains

August 09, 2023 05:05 AM AEST | By Invezz

Backed expands tokenized Real-World Assets to six new Blockchains — Image source: Invezz

Use of RWAs on an array of EVM compatible

For DeFi developers, the ability to use RWAs on a variety of EVM-compatible chains adds flexibility, allowing them to build strong products for their ecosystem. Additionally, it makes it convenient for users to use tokenized RWAs with a variety of protocols.

However, interfacing between TradFi and blockchain infrastructure is one of the biggest difficulties in tokenizing RWAs. To overcome this challenge, Backed has leveraged Chainlink’s decentralised price feeds. These give DeFi ecosystems on the underlying assets of Backed’s bIB01, bIBTA, and bCSPX independent price indicators.

Several decentralized finance (DeFi) projects have already launched innovative products using Backed’s RWAs. One of the projects is Angle Protocol, which uses the Backed’s bC3M and bHIGH assets as collateral for its agEur stablecoin and lending platform. The other is Ribbon Finance which uses the bIB01 asset to generate yield for its own structured products.

Real-world assets are thought to be a key factor in institutional DeFi adoption. They encourage TradFi companies to carry out transactions on blockchains so that they can benefit from features like transparent pricing and increased liquidity for assets like government bonds, real estate, and carbon credits. Depositors can benefit from appealing borrowing options and earn yield by using vaults built using RWAs as collateral without having to offramp their crypto assets to fiat.

The post Backed expands tokenized Real-World Assets to six new Blockchains appeared first on Invezz.

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