Backed Finance is the gateway for tokenized stocks and equities on the blockchain. Backed issues tokens that represent the value of a financial asset. For each minted token, Backed buys the underlying asset (1-to-1) and holds it via a licensed custodian. Eligible token holders can redeem their tokens for the market value of the underlying asset.
We chose to first build on Ethereum, the most robust crypto network today. This will allow our users to maximize the usability of Backed tokens across the DeFi ecosystem and also migrate them to other chains through existing bridges.