MLL with Backed Finance’s Tokenisation Platform and Financing Round

MLL advised Backed Finance on all Swiss legal and regulatory aspects in establishing and launching Backed Assets as the Swiss issuer of tokenized structured products, the tokenization service provider Backed Finance and the later move of the issuing entity to Jersey by merger into a newly set up JFSC-regulated entity, including the legal/regulatory structuring of the platform and the structured products, the tokenization aspects, the drafting, filing, amending and updating of a tri-partite securities prospectus according to EU-prospectus regulations via the Financial Market Authority in Liechtenstein, drafting and negotiating all service provider agreements for the collateral structure, corporate housekeeping, conducting financing rounds and all Swiss aspects relating to the cross-border merger of the issuer to Jersey.

On July 9th 2024, Backed Assets issues tokenised structured products from Jersey after having done it in Switzerland in the past that track the value of underlying real-world assets, including listed stocks and ETFs, and its Swiss parent entity Backed Finance provides for the tokenisation services. The underlyings serving as collateral are still held with service providers in Switzerland as a leading and well-known financial center with highest legal certainty and political stability.

Series A Financing

The MLL Team also assisted Backed Finance with its Series A Financing, which was lead by Gnosis, with the participation of new and existing seed investors, including Exor Seeds, Cyber Fund, Mindset Ventures, Stake Capital Ventures, Blockchain Founders Fund, Blue Bay Capital, and Nonce Classic, the closing of the second tranche was completed in June 2024.

MLL team

A team from MLL Legal acting as lead counsel led by regulatory, fintech & DLT partner Reto Luthiger (pictured left) and corporate / M&A partner Karin Oberlin and in particular including Diana Lafita (senior associate, regulatory, fintech & DLT), Franziska Gall (associate, regulatory, fintech & DLT), L. Mattias Johnson (partner, corporate & M&A, notary public), Tania Mengeu (legal employee corporate & M&A), Karina Rovnak (junior associate), Lara Langer (junior associate) and Pranvera Rasaj (junior associate) advised on all Swiss corporate and regulatory elements. Jersey corporate services provider Cavendish Fiduciary (Jersey) Limited provides Jersey administration services to the issuer. MLL Legal worked closely with Jersey law firm WalkersGlobal as Jersey counsel.