Backed expands tokenized Real-World Assets to six new Blockchains

The developer of tokenized real-world assets (RWAs), Backed, has announced that it will introduce its products to a number of new blockchains. The number of protocols and applications that can use Backed’s tokenized RWAs has increased thanks to its incorporation of Chainlink price feeds.

The tokenization technology offered by Backed is adaptable to any blockchain ecosystem due to its chain-independent design. Backed’s tokenized real-world assets can be accessed and are now available on BNB Chain, Arbitrum, Fantom, Avalanche, Gnosis, Polygon, and Ethereum.

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.

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