On-chain debt securities platform starts at Base
Obligate, an on-chain debt securities marketplace, is launched by Base Obligate, an on-chain bond platform operated by Switzerland, and Base is an Ethereum layer-2 licencing platform launched by Coinbase. Engagement on Base will help achieve institutional acceptance of on-chain credit guarantees, Obligate Partners said in an announcement.
Obligate, a Swiss-run blockchain marketplace for capital markets, has deployed Base, an Ethereum layer-2 scaling solution launched by Coinbase.
In an announcement published on Thursday, Obligate described the development as a major milestone in its efforts to encourage the adoption of on-chain debt securities by more consumers.
Obligate is now live on Base! Important step for on-chain debt capital markets powered by @BuildOnBase, @Coinbase's Ethereum Layer 2 blockchain.
— Obligate (@obligatecom) November 30, 2023
With demand for on-chain bonds in the Diffie market, today's launch is a key step towards more institutional investors embracing blockchain-native assets.
“Beth's commitment to institutional participation in on-chain capital markets closely aligns with its commitment to creating a more open financial system,” said Matthias Weiss, Obligate's Head of Strategic Partnerships.
Noting that deploying on Base will give more institutions the tools and infrastructure they need to participate in the chain's debt capital markets, Weiss added:
“Our deployment on Base exemplifies a shared vision to overcome the barriers institutions face by providing a secure and efficient portal to connect to on-chain debt products. Make no mistake, this represents a game changer in the integration of blockchain technology into institutional finance.”
It launched in early August and has grown exponentially since then, with revenue recently surpassing $10 million. L2's monthly active user count was also impressive, averaging over 1 million.
Obligate has raised $8.5 million in a seed funding round, with backers including Earlybird, Blockchange Ventures, SIX Fintech Ventures and Circle Ventures.
