Introduction
Digital advancement is gradually taking over the world to become the new nomal. This welcome development has impacted every sphere in the society. Employment and skill set are very crucial aspects to boost every nation. In previous times, the chance to be involved in the early days of startups was unavailable for everyone until the project, Backed was launched to change the narrative. It has distinct characters that makes its platform more beneficial for people of all class and status.
Why Was Backed Token Built?
The driving force behind backed is to boost the accessibility of the capital marketplace for every individual. Additional assets is being worked on by Backed to create a link for recent transparent financial platforms, to multiply their worthy features and enable a paradigm shift in wealth creation, investments, trade, and exchange.
Features of Backed Platform
- Decentralized System
Centralized platforms have served people as their masters while they are left with no choice but following the terms and conditions. With Backed, users have a say in the modus operandi.
- Value
The Backed tokens have value outside the digital space. That is, their value is as real as the Dollar etc.
- 24/7 System
The backed marketplace has no break. Its services are available at all times.
- Support for it's Financial System
Backed tokens are supported by fundamental assets and are in the possession of third parties authorized custodians. Because of these assets, backed tokens can be redeemed.
- Compatible with Others
With Eth wallefs, ERC 20 tokens, and decentralized finance protocols, Backed has a connective feature and it is compatible.
- Characteristics of Backed Tokens
They obey administration
The tokens function around a regulatory system established on Swiss DLT and is compliant to their acts.
- They are Obtainable
Backed tokens have are not limited to a particular part of the world. It is accesible at all times and places.
- They are Totally Supported
The assets already underlaid back up the tokens 1:1.
- They are Effective
You don't have to receive cash from others, and the likes of transfers. All you need is trade a USDC to TSLA pair.
- They are Creative
Decentralized finance is the core of the recent finance development today. In the future, backed users will gain from this feature.
- They are Decentrally compatible
Users have a lot to gain from backed tokens because they are compatible with ERC20 who's decentralized finance strengths are notable. Hence, protocols that operate with ERC20 can function effectively with Backed tokens.
Understanding The Backed Finance Project
Tokenized stocks including equities can perform on the blockchain due to Backed Finance hence, it is a gateway. On backed, the tokens distributed symbolize the price of a financial property. When tokens are minted, the asset underlying it is bought by Backed in ratio 1:1 and is kept in the custody of authorized persons. The tokens are also redeemable at the market price of the asset underlying it by verified token owners.
Backed finance decided to commence development on the Ethereum network before others. Doing this helps users make the most of backed tokens useable feature spread through decentralized financial systems as well as transferring them to several chains via existing mediums. In a while, backed users will have the capacity to merge current assets with decentralized finance technique, make use of Apple for the collateral of Maker's DAI, Compound to lend Google, generate new Tesla based decentralized finance derivatives, add ETFs into a Yearn strategy.
Conclusion
Backed finance is elated to launch their project into the marketplaces. It is a platform for all to engage in. Medium, Twitter, and Linkedln are social platforms for users to join the Backed community for the latest information about the project.
Projects Information
Website: https://backed.finance/
Twitter: https://twitter.com/BackedTeam
Linkedin: https://www.linkedin.com/company/backedteam/
Writers Information
Bitcointalk Username: Onyiiok
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2766257
Bsc Wallet Address: 0xC6F3c5821Fd62421c6A03888e9Ff8b8C2483B9Bd