The issuer of tokenized assets Backed supported by an issuing entity, Gnosis, raises 9.5 million dollars, while the race for real-world crypto assets (RWA) becomes increasingly intense.
Let’s see below all the details.
Summary
Backed obtains support from Gnosis, RWA, and more
As anticipated, the issuer of tokenized assets Backed announced on Tuesday that it has raised 9.5 million dollars in a funding round led by Gnosis.
Other investors in the round include Exor Seeds, Cyber Fund, Mindset Ventures, Stake Capital Ventures, Blockchain Founders Fund, Blue Bay Capital, and Nonce Classic.
According to the press release, the main goal of this investment is to accelerate Backed’s private tokenization offering and facilitate the integration of asset managers with blockchain infrastructures blockchain.
This funding comes at a time when the tokenization of real-world assets (RWA) has become one of the most dynamic segments in the digital asset industry.
Companies in the cryptocurrency sector, as well as large banks and global asset management companies, are trying to bring traditional financial instruments, such as bonds, funds, and credits, onto the blockchain.
Tokenization offers several advantages compared to traditional financial systems. Among these are greater efficiency in the settlement process, broader access for investors, and a reduction in administrative burdens.
A report from last year by asset manager 21.co estimates that the RWA market could reach 10 trillion dollars by the end of the decade.
Backed, based and regulated in Switzerland, provides tokenization services and has issued over 50 million dollars of tokenized RWA.
Among which versions compatible with ERC-20 of exchange-traded funds (ETFs) and individual securities such as Coinbase (COIN) and Tesla (TSLA), according to 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 problems by bringing RWAs on-chain.”
EDF Collaborates with Hedera to Develop Use Cases for RWA
EDF, French multinational electric utility company controlled by the French government, has formed a strategic partnership with Hedera (HBAR) to develop use cases for real-world assets (RWA) on the Hedera Guardian platform.
This collaboration aims to revolutionize and automate the management of Renewable Energy Certificates (RECs), offering a more efficient and transparent system.
In a recent Proof-of-Concept (PoC) carried out on Hedera, EDF has demonstrated the intention to improve the monitoring and issuance of REC.
Thus involving also Rekursive Labs and REDEX to allow end users to withdraw small amounts of certificates in real time.
This innovation allows users to indicate their preference for renewable energy sources when charging electric vehicles, contributing to greater environmental awareness.
The HBAR Foundation has emphasized the importance of this collaboration, highlighting the role of EDF in the Hedera Guardian project.
Which aims to certify the sources of energy for electric vehicles, the production of green hydrogen, and the decentralization of energy exchange in collaboration with Google Cloud.
Edouard Lavillonniere, CEO of EDF Lab Asia Pacific, expressed enthusiasm for the collaboration, stating that the focus on sustainability aligns with the vision of a greener future made possible by distributed ledger technology (DLT).
This collaboration offers a path towards more accessible and transparent renewable energy.
