Backed teams up with Chainlink to launch xBridge, first cross-chain infrastructure for tokenized sto…
Key Takeaways
- Backed and Chainlink launched xBridge, enabling cross-chain transfers of tokenized shares between Ethereum and Solana.
- xBridge preserves company actions like dividends and inventory splits, enhancing accessibility and interoperability for tokenized equities.
Backed, a number one supplier of compliant tokenized equities and ETFs, finest recognized for its xStocks product line, has teamed up with Chainlink to roll out xBridge, the primary bridge that lets tokenized shares transfer between blockchains with out shedding constancy to company actions comparable to dividends, inventory splits, and different occasions.
xBridge, powered by Chainlink CCIP, allows customers to switch tokenized equities throughout Ethereum and Solana, protecting xStocks totally backed and precisely reflecting conventional inventory habits.
The bridge is now reside in pilot, with a full rollout anticipated within the coming weeks. The group plans to quickly broaden assist to extra blockchains.
“We now have gone to unbelievable lengths to carry tokenized equities in essentially the most safe strategy to each Solana and Ethereum, and now we’re lastly connecting these ecosystems,” stated Yotam Katznelson, CTO and COO of Backed Finance, in a press release.
The brand new bridge completes the loop by permitting tokenized equities to stream between networks whereas protecting their conventional inventory traits intact, Katznelson famous.
“This integration allows xStocks to seamlessly transfer throughout a number of chains with the very best ranges of safety, reliability, and compliance, making tokenized equities accessible in a globally linked monetary system,” stated Johann Eid, Chief Enterprise Officer at Chainlink Labs.
On Solana, xStocks leverage the Token2022 customary with a multiplier-based “Shares Mannequin” and automated rebasing at predefined Activation Occasions, as famous by Backed.
On Ethereum, a customized rebasing structure tracks shares internally and scales displayed balances by way of an updatable multiplier.
“It is a main step towards a unified cross-chain market the place real-world belongings might be transacted at scale, whereas being backed by institutional-grade safety,” Eid said.
