- On-chain debt securities marketplace Obligate launches on Base
- Obligate is a Swiss-regulated on-chain bond platform, while Base is an Ethereum layer-2 scaling platform launched by Coinbase.
- The implementation on Base will help with the institutional adoption of on-chain debt securities, Obligate’s head of partnerships said in an announcement.
Obligate, a Swiss-regulated capital markets blockchain marketplace, has deployed Base, the Ethereum layer-2 scaling solution launched by Coinbase.
In an announcement published Thursday, Obligate called the development a major milestone in its quest to drive the adoption of on-chain debt securities to more users.
Obligate is now live on Base! A monumental step for on-chain debt capital markets, powered by @BuildOnBase, @Coinbase’s Ethereum Layer 2 incubation. https://t.co/8K3fa3aQfA
— Mandatory (@obligatecom) November 30, 2023
As demand for on-chain bonds increases in the DeFi market, today’s launch is an important step that will see more institutional investors adopt blockchain-native assets.
“Base’s commitment to creating a more open financial system is closely aligned with our vision of promoting institutional involvement in capital markets within the chain” says Matthias Wyss, head of strategic partnerships at Obligate.
Wyss noted that the deployment on Base will give more institutions the tools and infrastructure they need to participate in on-chain debt capital markets:
“Our commitment to Base exemplifies a shared vision to overcome the barriers institutions face by providing them with a secure and efficient portal to get started with on-chain debt products. Make no mistake: this represents a paradigm shift in the integration of blockchain technology into institutional finance.”
Base launched in early August and has seen significant growth since, with revenue recently surpassing $10 million. The L2’s monthly active user count was also impressive, averaging over 1 million.
Obligate has raised $8.5 million in its seed funding round, with investors including Earlybird, Blockchange Ventures, SIX Fintech Ventures and Circle Ventures.
