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Organisation

Backed Finance

2 placements on ChainChoice under Backed Finance, each scored against its own category's pool and criteria — none currently #1. The placements are not averaged and not ranked against each other: a #1 exchange and a #6 crypto card are two different products in two different markets.

Tokenised Equities
Backed xStocks
Rank#2 OverallScore60

#1 in this category: Superstate Opening Bell

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Tokenised Bonds
Backed bTokens fixed income (wind-down)
Rank#7 OverallScore47

#1 in this category: BondbloX Bond Exchange

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Tokenised Equities
How you can lose money here, and what the ranking scores
  • Insolvency failure: the firm or issuer that owes you cannot pay.
    Scored by Do I own the share, or do I own a promise from whoever sold it to me? · 35% (Backed xStocks 2/10)
    Scored by Whose name is on the paper I am buying — and can I look that entity up in a register? · 25% (Backed xStocks 6/10)
  • Regulatory failure (Backed xStocks 9/10): no licence where you are, or a forced market exit.
    Scored by Can a US person hold this — and does the vendor give me the same answer twice? · 18%
  • Information failure (Backed xStocks 7/10): the number is wrong or bought, or your data leaks.
    Scored by When a dividend or a split happens, does anyone tell you in writing what you will get? · 22%
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means.
Tokenised Bonds
How you can lose money here, and what the ranking scores
  • Insolvency failure (Backed bTokens fixed income (wind-down) 7/10): the firm or issuer that owes you cannot pay.
    Scored by If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · 30%
  • Regulatory failure (Backed bTokens fixed income (wind-down) 3/10): no licence where you are, or a forced market exit.
    Scored by Am I allowed to buy this at all - in my country, at my wealth level, today? · 25%
  • Exit failure (Backed bTokens fixed income (wind-down) 5/10): you cannot get out at par, on time, or with what is yours.
    Scored by What is the published exit route - and is there any dated evidence a holder used it? · 25%
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Information failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: What does the token route cost me over just buying the bond or the ETF? (20%).