Backed Finance launches a tokenized Coinbase stock tracker 

Backed Finance, a tokenization platform for real-world assets has launched a new product — a tokenized tracker of Coinbase Global Inc. ($COIN). The product Backed Coinbase Global ($bCOIN) came along after Backed announced support for the testnest launch of the Coinbase new L2 network, Base.

Backed Coinbase Global (bCOIN) would reflect the price changes of Coinbase’s shares and be tagged as Coinbase’s NASDAQ-listed COIN “tokenized tracker”. bCOIN will be freely transferable and backed 1:1 by the underlying licensed third-party custodian, which supports the Backed tokens’ mode of operation.

According to Backed, its ecosystem-issued tokens (bTokens) are “ERC-20 tokens that represent the ownership of structured product units”, and “each token is a unit of a fully collateralized tracker certificate, which tracks the listed value of a specific traded security (the underlying) and is fully backed by that security”. 

Additionally, Backed’s products can only be bought directly by qualified investors and licensed resellers from the firm. However, there is an exception in the eligibility for purchase; “Backed does not sell its tokens to U.S. persons or for the account or benefit of U.S. persons, and tokens are not marketed, offered, or solicited in the U.S. or any other prohibited jurisdiction”.

Individuals or entities residing in certain countries are as well prohibited from using Backed products. The list includes Iran, North Korea, Syria, and the United States of America, according to the Backed official document.

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