Deals & Cases

MLL Legal advises on Backed Finance’s Tokenisation Platform and on its USD 9.5 million Series A Financing Round

MLL Legal team has advised on the structuring and launch of Backed Finance’s tokenisation platform.

Our team advised Backed Finance AG on all Swiss legal and regulatory aspects in establishing and launching Backed Assets’s issuer entity of tokenized structured products, the tokenization service provider and later restructurings, 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, and conducting financing rounds. Today, Backed Assets issues tokenised structured products from Jersey with a JFSC-regulated entity that track the value of underlying real-world assets, including listed stocks and ETFs, and its parent entity Backed Finance provides for the tokenisation services. The underlyings serving as collateral are held with service providers in Switzerland as a leading and well-known financial center with highest legal certainty and political stability.

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.

A team from MLL Legal acting as lead counsel led by Reto Luthiger (Partner, Regulatory, Fintech & DLT) and Karin Oberlin (Partner, Corporate & M&A) 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.

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