Zug, Switzerland, December 4th, 2024,
Chainwire
Backed, a pioneer in asset tokenization solutions, Sonic (fka
Fantom), an EVM L1 blockchain that offers developers attractive
incentives and powerful infrastructure, and Chainlink, the standard
for on-chain finance, have announced that they are partnering with
Fortlake Asset Management to tokenize their Sigma Opportunities
Fund marking a significant milestone in bringing traditional
financial assets on-chain.
The fund is being tokenized by Backed, creating permissionless
tokens that are collateralized 1 to 1 by fund units, with the price
tied to the real-time Net Asset Value (NAV). This means tokens are
DeFi ready, and usable within the Sonic ecosystem. Chainlink
SmartData will deliver NAV data of the underlying fund shares
on-chain, Chainlink Proof of Reserves will help verify
collateralization and AUM, and Chainlink CCIP will enable seamless
cross-chain liquidity and operations.
Fortlake was recently voted Fixed Income Manager of the Year in
Australia. Its Sigma Opportunities Fund is an actively managed
global fixed-income investment strategy that targets 7-10% above
the fed funds rate, focusing on utilizing market distortions to
achieve this strong return. In the past year, the fund has returned
10% via active fixed-income investments.
Sonic, formerly known as Fantom, is a high-speed layer-1
EVM-compatible blockchain that offers developers attractive
incentives and powerful infrastructure. The chain achieves 10,000
TPS at one-second finality. Its innovative consensus mechanism and
focus on developer experience have made it a popular choice for
decentralized applications mainly DeFi protocols. Sonic's ability
to handle a high volume of transactions with low latency makes it
an ideal platform for tokenizing real-world assets.
“Tokenizing the Fortlake Sigma Fund is a major step forward in
the blockchain landscape. It showcases how institutions can use
blockchain technology to simplify back-office operations and reach
new capital.” said Adam Levi at Backed “This partnership reflects
our commitment to transforming how financial assets are managed and
traded.”
“We’re excited to work with Backed and Fortlake on the first
RWAs tokenized on Sonic,” said Colin Cunningham, Head of
Tokenization & Alliances at Chainlink Labs. “As the standard
for on-chain finance, Chainlink will help drive the adoption,
utility, and liquidity of Fortlake’s tokenized fund.”
“This is one of the first steps for Sonic in its pathway to
tokenizing financial assets across the globe and bringing the
advantages of Sonic technology to traditional financial
institutions” said Sam Harcourt, Business Development Lead at
Sonic.
The tokenization of Fortlake’s Sigma Fund marks an important
milestone for Backed, as it is the first fund to go through its
Tokenization-as-a-Service (TaaS) platform. This achievement
highlights Backed’s expansion into private tokenization, continuing
to offer similar tokenization solutions for other funds and
financial institutions. Backed will broaden its services by further
exploring new opportunities, providing the blockchain ecosystem
with even greater flexibility and access to tokenized assets.
"Partnering with Backed, Sonic, and Chainlink to tokenize the
Sigma Opportunities Fund is a substantial development in the way we
provide access to our fund for the rapidly growing digital asset
investor base," said Christian Baylis Fortlake Founder and CIO. "We
believe this collaboration marks the beginning of a new era in
traditional asset management fund raising."
Tokenizing the fund leads to new opportunities within
decentralized finance, such as integrations with lending markets,
use as a high-yield stablecoin savings solution, or as margin
trading collateral. With BlackRock recently joining the
tokenization race, other asset managers are starting to quickly
explore this space and the opportunities it brings. The Bank of America
predicts that asset tokenization could surpass $16 trillion in the
next 5-15 years. Tokenization experiments by institutions such as
the Hong Kong Monetary Authority and JP Morgan have shown
significant savings by utilizing blockchain-based tokenization.
About Fortlake
Fortlake Asset Management, as an experienced fixed-income
manager, offers institutional expertise in a specialized setting,
focusing on generating returns above inflation. Fortlake embraces a
comprehensive approach to fixed-income investment by employing
diverse specialized techniques and strategies to yield diversified
returns.
About Backed
Backed brings real-world assets on-chain. Backed issues
permissionless tokens that track the value of real-world assets and
are fully collateralized by them, such as stocks or ETFs. Tokens
are MiFID II-compliant financial products issued under an approved
EU prospectus. Backed offers tokenization services to institutional
clients, bridging the gap between TradFi and DeFi.
Backed’s native tokens are not offered, sold, or delivered
within the United States, or for the account or benefit of U.S.
Persons.
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About Sonic
Sonic is a high-speed layer-1 EVM-compatible blockchain that
offers developers attractive incentives and powerful
infrastructure, such as the ability for builders to earn up to 90%
of the fees their apps generate on-chain. The chain achieves 10,000
TPS at one-second finality. Its innovative technology stack and
focus on developer experience have made it a popular choice for
decentralized applications.
About Chainlink
Chainlink is the standard for onchain finance, verifiable data,
and cross-chain interoperability. Chainlink is unifying liquidity
across global markets and has enabled over $17 trillion in
transaction value across the blockchain economy. Major financial
market infrastructures and institutions, such as Swift, Fidelity
International, and ANZ Bank, as well as top DeFi protocols
including Aave, GMX, and Lido, use Chainlink to power
next-generation applications for banking, asset management, and
other major sectors.
Learn more by visiting chain.link.
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