Switzerland-based Backed has successfully closed a $9.5 million fundraising round, with Gnosis leading the investment charge.
According to one asset management company’s forecast, the tokenized real-world asset market could reach a staggering $10 trillion by the decade’s end.
Backed, a tokenized asset issuer, announced on Tuesday that it secured $9.5 million in funding, with Gnosis at the helm of the investment. Other participants in the fundraising round included Exor Seeds, Cyber Fund, Mindset Ventures, Stake Capital Ventures, Blockchain Founders Fund, Blue Bay Capital, and Nonce Classic.
The company plans to utilize the investment to accelerate its private tokenization offering and onboard asset managers onto blockchain platforms, as stated in the press release.
The fundraising round comes at a time when the tokenization of real-world assets is emerging as a prominent trend in the digital asset industry. Crypto firms and global banking and asset management giants are actively vying to tokenize traditional financial instruments like bonds, funds, or credit on blockchains.
Tokenization offers several advantages over traditional financial systems, including enhanced trade settlement efficiency, broader investor access, and reduced administrative burdens. According to a report by asset manager 21.co, the market for RWAs could potentially reach $10 trillion by the end of the decade.
Backed, headquartered and regulated in Switzerland, specializes in tokenization services and has already issued over $50 million worth of tokenized RWAs. These include ERC-20 compatible token versions of exchange-traded funds and individual stocks such as Coinbase (NASDAQ:COIN) and Tesla (NASDAQ:TSLA), as listed on its website.
“Youbin Kang, CEO of Nonce Classic, one of the investors in the round, commented, “Global financial markets are fragmented, hindering accessibility and efficiency. Backed aims to solve these issues by bringing RWAs on-chain.”
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Source: https://cryptocurrencynews.com/backed-raises-9-5m-led-by-gnosis-in-cryptos-asset-race/
