Backed Finance Enables Coinbase Stock Tokenization on the Polygon Network

Backed Finance has expanded its tokenization efforts by introducing its range of tokenized products across multiple networks, including BNB Chain, Polygon, Gnosis, Avalanche, Fantom, and Arbitrum.

Having initially launched on Ethereum, the DeFi project aims to bring real-world assets (RWAs) such as stocks and bonds onto the blockchain. Notably, Backed Finance incorporates Chainlink’s decentralized price feeds to ensure accurate asset valuation. Among its offerings are a tokenized version of Coinbase’s COIN stock. An S&P 500 index fund, and various tokenized bond options. 

Co-founder Adam Levi expressed the project’s commitment to ecosystem flexibility and broader RWA adoption. While tokenization gains momentum globally. Regulatory uncertainties have led Backed Finance to limit its use to non-U.S. citizens due to the evolving U.S. regulatory landscape.

Clever Robot News Desk 9^th August 2023