Backed’s bCOIN and bCSPX Goes Lives on Avalanche

The launch of bCOIN and bCSPX provides exposure to the S&P 500, the benchmark for the U.S. stock market, and onchain exposure to Coinbase.

Backed’s tokenized Coinbase Stock (bCOIN) and S&P 500 token (bCSPX) are officially live on the Avalanche C-Chain network. 

This launch empowers eligible DeFi participants with on-chain exposure to the S&P 500 plus on-chain exposure to Coinbase. Both tokens offer the opportunity to engage with leading stock choices within the blockchain ecosystem, showcasing the composability of tokenised securities.

The availability of bCSPX and bCOIN on Avalanche unlocks a range of possibilities which includes exposure to the S&P 500, exposure to Coinbase’s COIN stock, and enhanced yield opportunities

Tokenising the S&P 500 with bCSPX and Coinbase Stock with bCOIN unlocks diverse DeFi applications. Users can easily diversify portfolios with U.S. stock market exposure, use their bTokens as collateral in lending protocols to access capital without selling their assets, and leverage it to create synthetic assets, expanding the DeFi ecosystem’s potential further.

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