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Backed begins natively issuing tokens on BNB Smart Chain for integrations and scalability

Backed begins natively issuing tokens on BNB Smart Chain for integrations and scalability

On August 29, it was revealed that Backed will be expanding its native token issuance to include the BNB Smart Chain (BSC) in order to reach more consumers and give them additional alternatives for the blockchain that best meets their requirements. 

Backed’s goal is to connect non-blockchain assets to the blockchain infrastructure, and as per the latest information shared with Finbold, Tokens pegged to the value of exchange-traded funds (ETFs) for equities, government bonds, and corporate bonds will be issued using the ERC-20 standard (or its counterpart on other chains). 

Tokens will be issued in accordance with Swiss legislation, which is seen as among the most progressive in the world and are easily transferable across wallets. They are also completely collateralized by the underlying assets.

BNB Chain’s user base

As the biggest smart contract blockchain in terms of daily active users (DAUs), BNB Chain’s user base is a key selling point. Our goods’ marketability and liquidity have been improved thanks to this connection. BNB Chain’s transaction costs are far lower than those of Ethereum’s, making it a more cost-effective option. 

BNB Chain can process large numbers of transactions in a short amount of time because of its optimized block confirmation process. This is an important step in Backed’s objective to facilitate the on-chain incorporation of RWAs.

Giorgio Giuliani, Head of Product at Backed, stated:

“We’re thrilled to announce the extension of our native token offering to the BNB Smart Chain. At Backed, we believe in providing our clients with choices, and this expansion allows them to choose the best-suited chain for their needs. Our BEP-20 tokens on BSC are fully compatible with our ERC-20 tokens on Ethereum, ensuring seamless integration across networks.”

He added:

“This integration with the BNB Chain ecosystem brings our products to a large and active user base, saves costs, and provides better market access for tokenized real-world assets.”

Finally, it’s important to note that Angle Protocol, which uses bC3M and bHIGH, is finding usage for Backed’s products in applications like stablecoin collateral.

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