Backed Finance Expands Native Token Availability to Gnosis Chain
Backed Finance, as per recent developments, has now announced that it would be expanding its native token issuance to the Gnosis Chain. By incorporating real-world assets into the blockchain environment, Backed Finance is demonstrating its dedication to modernizing decentralized finance (DeFi). The firm plans to improve transaction processing times and save costs by introducing Backed Tokens on Gnosis Chain and so addressing scalability issues. This new feature makes asset management and connecting with DeFi apps easier for end users.
By connecting to Gnosis Chain, the firm plans to reach a larger audience of DeFi developers and fans. This can be easily achieved due to Gnosis Chain’s widespread appeal and thriving ecosystem. Backed Finance uses the extensive Gnosis Chain network to promote teamwork, information-sharing, and user-generated ideas, so boosting the DeFi industry as a whole.
📢 Exciting news!
Backed is launching its native token issuance on @gnosischain
Here’s why this integration matters: pic.twitter.com/2rSpuy4biQ
— Backed (@BackedFi) June 7, 2023
Interoperability and compositionality are two major advantages of producing Backed Tokens natively on the Gnosis Chain. Tokens issued by Backed Finance are compatible with all other DeFi protocols and apps on the Gnosis Chain. Because of this compatibility, users may keep their ownership and exposure to real-world assets while engaging in a wide variety of DeFi use cases including lending, borrowing, and yield farming.
More details on the new integration
Backed Finance’s Head of Product, Giorgio Giuliani, is ecstatic with the debut. He noted that this landmark fits well with Backed Finance’s plan to blend conventional assets into the DeFi environment. According to Giuliani, Backed Finance will be able to deliver a more streamlined, high-performance experience for its consumers after migrating to Gnosis Chain, helping to promote a fully decentralized and inclusive financial environment. He anticipates that the launch will spur ground-breaking innovation in the DeFi field and hasten the adoption of tokens backed by real-world assets.
Backed Finance is a Swiss company that facilitates the transfer of real-world assets on the blockchain. Tokens are issued by the corporation, with their value reflecting that of underlying assets like stocks or ETFs. These tokens are issued in accordance with the Swiss DLT legislation, are completely collateralized by the underlying asset, and may be freely transferred between wallets.
Backed Finance’s expansion onto Gnosis Chain is part of the company’s larger strategy to integrate real-world assets into the realm of decentralized finance and provide blockchain users access to previously unavailable functionalities.