Coinbase's $COIN now mirrored by 'tokenized tracker' on Ethereum: What is $bCOIN by BackedFi? Coinbase
The asset is issued on top of the Ethereum blockchain as an ERC-20 token. It is 1:1 backed by COIN shares controlled by a third-party custodian. All bAssets by Backed are issued in accordance with the Swiss DLT act and are regulated according to Switzerland regulation.
Meanwhile, the release of the token has some limitations regarding its audience. The tokens are only sold to qualified investors and licensed resellers. Also, users from the United States or their representatives as well as residents of EU-sanctioned countries and territories are prohibited from buying Backed's tokens. Additionally, the list of prohibited countries includes Canada, Japan, all CIS countries and all African countries except Mauritius and South Africa.
Last week, Coinbase revealed that it is launching its own rollup dubbed Base. It leverages the Optimism technology stack and becomes the first-ever"corporate" scaler for Ethereum .On Feb. 22, 2023, the company also released Q4, 2022 reports: its revenue and adjusted earnings per share exceeded estimations. However, the company was exposed to FTX and lost $14 million due to the collapse of the fourth-largest crypto exchange in November 2022.
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