Chainlink has announced supporting Backed’s tokenized real-world assets via Chainlink Price Feeds. The bTokens that are now supported by the price feed mechanism are IBO1, IBTA, and CSPX.
The announcement has said that Chainlink Price Feeds backing the tokens will help them gain integration securely in the market. This is based on the foundation of access to secure and tamper-free on-chain data of their prices.
It is imperative for tokens to have such an assurance. Backed Finance issues token on a blockchain, but gaining adoption is difficult since they lack access to robust and independent pricing data.
Chainlink Price Feeds has a proven history of delivery solutions that are reliable, secure, and decentralized. Moreover, they accelerate the adoption within the DeFi ecosystem. Listing Backed’s standardized tokens were indeed mission-critical.
Chainlink Price Feeds have been chosen for the set of features that they bring to the table. The plan of Backed Finance is to integrate Chainlink Proof of Reserve to improve the transparency of its products and services. Additionally, Chainlink prediction estimates the value to go as high as $13.29 by the end of 2023. These include decentralized networks, secure node operators, and transparency.
Furthermore, the development is reflecting positively on the native token of Chainlink as well. LINK is currently trading at $6.16. Also, the goal is to provide collateralized information to the public in real-time. To reiterate, this is specifically for Backed Finance products.
Adam Levi, a Co-Founder of Backed Finance, has highlighted that the adoption of their tokens requires a robust source of pricing data that is standardized, something that they have found in Chainlink Price Feeds. Adam has expressed excitement on behalf of the team, saying that they cannot wait to see the tokens grow within DeFi protocols.
The news was announced by Backed Finance.
