Backed launched Backed Coinbase Global (bCOIN), designed to mirror the Coinbase share price dynamics. This is another attempt to realize synergies between Web2 and Web3 investment opportunities.
After we announced that we will support the testnet launch and bring real-world assets into Base, we are very proud to announce the launch of our second product: Backed Coinbase Global.$b coin is our tokenized tracker @Coinbase Universal ( $ coins ). pic.twitter.com/oAzPQGMkVV
– Support (@BackedFi) February 24, 2023
Tokens are pegged to COINS on Ethereum
According to an official announcement shared by RWA tokenization ecosystem Backed, the new bCOIN token will be the Coinbase COIN “tokenization tracker.”
Assets are issued as ERC-20 tokens on the Ethereum blockchain. It is backed 1:1 by COIN shares controlled by a third-party custodian.
All Backed bAssets are issued under the Swiss DLT Act and are regulated by Swiss regulations. At the same time, there are some restrictions on the issuance of tokens:
- Tokens are only sold to accredited investors and licensed dealers.
- Users from the United States or its representatives, as well as residents of EU-sanctioned countries and regions, are prohibited from purchasing Support Tokens.
- The list of banned countries includes Canada, Japan, all CIS countries, and all African countries except Mauritius and South Africa.
- Potential investors need to pass KYC checks. After successful KYC, they can purchase bTokens directly from Backed for a one-time fee.
The company bills itself as “blockchain agnostic”: in addition to Ethereum, it issues tokens on other EVM blockchains.
At press time, COIN was trading at $58.44, down 67% over the past 12 months.
Coinbase, the largest US cryptocurrency ecosystem, IPOs on Nasdaq on April 14, 2021: First day of trading closes at $328.
Last week, Coinbase revealed that it was launching an L2 network on ethereum called Base, Bitcoin Magazine reported.
On February 22, 2023, the company also released its report for the fourth quarter of 2022: both revenue and adjusted earnings per share exceeded expectations. However, due to the collapse of the fourth largest cryptocurrency exchange in November 2022, the company approached FTX and lost $14 million.
- Coinbase Base Questions Ethereum Network Centralization and Censorship
- Will Coinbase Base be a turning point for Ethereum or an “enforcement gate” for the SEC?
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According to USA Today
