Backed.Fi launches new asset tokenization product

TwitterFebruary 07, 2023

Backed has announced the launch of its first product, bCSPX, an ERC-20 tokenized tracker of the iShares Core S&P UCITS ETF. This marks a significant development in the tokenization of real-world assets and is a testament to Backed's commitment to creating a compliant and secure platform for tokenized products.

The bCSPX token represents ownership of a structured product that tracks the value of the underlying publicly traded security, the iShares Core S&P UCITS ETF. This product is issued as freely transferable ERC-20 tokens and is fully collateralized with the underlying asset, which is held by a licensed custodian on behalf of Backed.

The launch of bCSPX is the result of Backed's efforts over the last two years to develop the legal and regulatory framework, technology, and partnerships necessary to bring tokenized products to market at scale. The company's investment in these areas has been key to ensuring that its tokenized products are compliant and secure.

On the compliance side it should be noted that Backed's products are only sold directly to qualified investors and licensed resellers. Furthermore, Backed and its tokens are not available for U.S. individuals and are not marketed, offered, sold, or delivered in the U.S. or other prohibited jurisdictions, or for the account or benefit of U.S. Persons.

In the wider context of the tokenization of real-world assets, the launch of bCSPX is a noteworthy development. Tokenization has the potential to unlock trillions of dollars worth of value and power a new wave of economic activity, and Backed's focus on building a secure and compliant platform for tokenized assets is a notable step in realizing this potential.