Asset tokenization solution Backed, layer-1 blockchain Sonic, and on-chain finance platform Chainlink have teamed up to tokenize Fortlake Asset Management’s Sigma Opportunities Fund.
Backed, Sonic (S) – formerly Fantom (FTM) – and Chainlink (LINK) announced their collaboration on Dec. 4. In a press release shared with crypto.news, the companies noted that this tokenization initiative marks the first step in their quest to bring traditional financial assets on-chain.
Chainlink and Sonic will assist Backed in tokenizing Fortlake’s fund via permissionless tokens.
These tokens will be collateralized 1:1, with their price pegged to real-time net asset value. According to the platforms, this design creates decentralized finance-ready tokens that will be usable within Sonic’s expanding ecosystem.
“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”
Sam Harcourt, business development lead at Sonic.
Fund shares will utilize Chainlink SmartData for NAV data, while Chainlink Proof of Reserves will verify collateralized assets and assets under management. The collaboration is also set to use Chainlink’s CCIP for cross-chain liquidity.
A first for Backed’s TaaS platform
The partnership between these key crypto and blockchain industry players marks a significant milestone for Backed.
As a tokenization platform bridging traditional finance and DeFi, Backed launched its tokenization-as-a-service platform. TaaS provides a solution for tokenizing private funds, extending on-chain capabilities to the broader traditional finance market.
Using Backed’s technology on Fortlake’s Sigma fund represents the first application of this platform.
The initiative is also pivotal for Fortlake, a fixed-income manager recently recognized as the Fixed Income Manager of the Year in Australia.
Partnering with crypto platforms will allow Fortlake to expand its actively managed global fund, which targets returns of 7–10% above the federal funds rate. Over the past year, the fund achieved a 10% return through active fixed-income investments.
Over the past year, the real-world asset tokenization market has grown substantially, driven by increasing institutional investor interest.
The market has benefitted from products and funds by the likes of Blackock and Franklin Templeton. Data shows the global RWA on-chain market currently stands at over $13.21 billion. Growth estimates suggest this market could expand into a multi-trillion dollar opportunity over the next 5 to 15 years.
