Backed’s RWAs can be accessed on Fantom (FTM), Avalanche (AVAX), Gnosis (GNO), BNB Chain, Arbitrum (ARB), Ethereum (ETH), and Polygon (MATIC).
In an exciting development, Backed, a leading platform for tokenizing Real-World Assets (RWAs), has outlined its intention to integrate its innovative product lineup with multiple new blockchains. This development arises from the integration of Chainlink price feeds, underlining Backed’s commitment to pushing the boundaries of asset tokenization and access.
Tokenized real-world assets have garnered substantial attention for revolutionizing asset liquidity and availability through the implementation of blockchain technology. As such, Backed has been at the forefront of this revolution, pioneering the fractional ownership of assets like real estate, art, and commodities through tokenization.
As per the announcement, Backed’s RWAs can be accessed on Fantom (FTM), Avalanche (AVAX), Gnosis (GNO), BNB Chain, Arbitrum (ARB), Ethereum (ETH), and Polygon (MATIC). As the protocol highlighted, the feature to support other networks is currently being worked on.
This diversification is crucial in catering to the diverse needs and preferences of investors, as different blockchains offer unique features and capabilities.
Backed Aim of Integrating Its Product
Notably, the strategic expansion to integrate with new blockchains reflects Backed’s drive to amplify the utility of tokenized assets. Moreso, this move is likely to democratize asset ownership further, granting more individuals the chance to invest and own portions of valuable assets.
However, some Decentralized Finance (DeFi) projects have already launched innovative projects using Backed’s RWAs. One among the other project is Angle Protocol, which uses the Backed bC3M and bHIGH assets as collateral for its agEur stablecoin and lending platform. Another project is Ribbon Finance which uses the b1B01 asset to generate yield for its structured projects.
By bringing tokenized real-world assets to these new blockchains, Backed is opening up a world of possibilities for professional investors and companies seeking to participate in the blockchain revolution. This expansion not only increases accessibility but also ensures greater security and efficiency in the tokenization process.
Backed‘s move to incorporate RWAs on various EVM-compatible platforms is a testament to its dedication to innovation and position them as a leading player in the rapidly evolving crypto investment landscape. This groundbreaking integration offers DeFi developers an exceptional opportunity to leverage RWAs, thereby enabling them to unlock a wide range of use cases.
Meanwhile, one of the numerous challenges when tokenizing RWAs is switching between TradFi and blockchain infrastructure. Hence, the reason for leveraging Chainlink’s decentralized price feeds. These give DeFi ecosystems on the underlying assets of Backed’s b1B01, b1BTA, and bCSPX independent price indicators.
Cronos Integrate Chainlink Price Feeds Solution for DeFi Apps
Besides Backed, other mainstream firms in Web 3.0 also embrace Chainlink’s solution. Recall that Crypto.com’s Cronos announced the integration of Chainlink Price Feeds as an oracle solution for developers needing external financial market data in its DeFi applications. Notably, the integration gives Cronos developers native access to the industry’s most time-tested and reliable decentralized price oracle.
Also, it enables a wide variety of cryptocurrency and traditional assets to be priced on-chain by lending/borrowing protocols, derivatives markets, asset management services, advanced DEXes, and more.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Benjamin Godfrey
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