- Mandatory launch in the on-chain debt securities market Base
- Obligate is an on-chain bond platform regulated in Switzerland, while Base is an Ethereum layer 2 extension platform launched by Coinbase.
- Obligate’s head of partnerships said in the announcement that Deployment on Base will help drive institutional adoption of on-chain debt securities.
Obligate, a Swiss-regulated blockchain marketplace for capital markets, has deployed on Base, an Ethereum layer 2 scaling solution launched by Coinbase.
In an announcement made on Thursday, Obligate called the development a significant milestone in its efforts to drive adoption of on-chain debt securities to a wider audience.
Obligate is now available on Base! A monumental step for on-chain debt capital markets @BuildOnBase, @CoinbaseEthereum Layer 2 incubation. https://t.co/8K3fa3aQfA
— Obligate (@obligatecom) November 30, 2023
As demand for on-chain bonds grows across DeFi markets, today’s launch is a key step in the adoption of blockchain-based assets by more institutional investors.
“Base’s efforts to create a more open financial system are closely aligned with our vision of fostering institutional participation in on-chain capital markets.said Matthias Wyss, Head of Strategic Partnerships at Obligate.
Deploying on Base will provide more institutions with the tools and infrastructure they need to participate in on-chain debt capital markets, Wyss added.
“Our deployment on Base is an example of our shared vision to overcome the barriers institutions face and provide a secure and efficient portal for them to participate in on-chain debt products. Make no mistake. This represents a paradigm shift in integrating blockchain technology into institutional finance..”
Base launched in early August and has seen significant growth since then. Recently exceeded $10 million. The number of monthly active users on L2 is also impressive, averaging over 1 million.
Obligate raised $8.5 million in a seed funding round, with backers including Earlybird, Blockchange Ventures, SIX Fintech Ventures, and Circle Ventures.