Tokenized Asset Issuer Backed Raises $9.5M as Crypto's RWA Race Heats Up

The fundraising will help accelerate Backed's private tokenization offering and onboard asset managers to blockchains, the company said.

AccessTimeIconApr 30, 2024 at 1:00 p.m. UTC
Updated Apr 30, 2024 at 3:36 p.m. UTC
  • Switzerland-based Backed closed a $9.5 million fundraising round led by Gnosis.
  • Tokenized real-world assets could swell to a $10 trillion market by the end of the decade, one asset management company forecasted.
  • Philippines Taps Blockchain
    Philippines Taps Blockchain
  • BlackRock CEO Predicts Tokenization Is the Future of Markets
    BlackRock CEO Predicts Tokenization Is the Future of Markets
  • Tokenization on Public Blockchains Democratizes Access: Securitize CEO
    Tokenization on Public Blockchains Democratizes Access: Securitize CEO
  • Bitcoin Bounces Back Above $20K
    Bitcoin Bounces Back Above $20K
  • Tokenized asset issuer Backed said Tuesday that it has raised $9.5 million in a funding round led by Gnosis.

    Exor Seeds, Cyber Fund, Mindset Ventures, Stake Capital Ventures, Blockchain Founders Fund, Blue Bay Capital, and Nonce Classic also participated in the fundraising round.

    With the investment, the company aims to speed up its private tokenization offering and onboard asset managers to blockchain rails, according to the press release.

    The investment occurred as tokenization of real-world assets (RWA) has become one of the hottest corners of the digital asset industry with crypto firms and global banking and asset management giants racing to bring traditional financial instruments like bonds, funds or credit to blockchains.

    Tokenization could offer benefits compared to traditional financial rails such as increased efficiency in settling trades, broader access for investors and lower administration burden. The market for RWAs could swell to $10 trillion by the end of the decade, asset manager's report forecasted last year.

    Backed, based and regulated in Switzerland, offers tokenization services and has issued over $50 million worth of tokenized RWAs including ERC-20 compatible token versions of exchange-traded funds (ETF) and individual stocks such as Coinbase (COIN) and Tesla (TSLA), according to its website.

    "Global financial markets are fragmented, hindering accessibility and efficiency," said Youbin Kang, chief executive of Nonce Classic, one of the investors in the round. "Backed aims to solve these issues by bringing RWAs on-chain."

    Edited by Stephen Alpher.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Krisztian  Sandor

    Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.