On-chain debt securities marketplace Obligate launches on Base

• On-chain debt securities marketplace Obligate launches on Base
• Obligate is a Swiss-regulated on-chain bonds platform, while Base is an Ethereum layer-2 scaling platform launched by Coinbase.
• Deployment on Base will help with institutional adoption of on-chain debt securities, Obligate’s head of partnerships said in an announcement.

Obligate, a Swiss-regulated blockchain marketplace for capital markets, has deployed on Base, the Ethereum layer-2 scaling solution launched by Coinbase.

In an announcement published on Thursday, Obligate termed the development as a significant milestone in the quest to promote 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

— Obligate (@obligatecom) November 30, 2023

With demand for on-chain bonds on the rise across the DeFi market, today’s launch is a key step that will see more institutional investors adopt blockchain-native assets.

“Base’s commitment to creating a more open financial system aligns closely with our vision of fostering institutional engagement in on-chain capital markets,” said Matthias Wyss, the head of strategic partnerships at Obligate.

Noting that deploying on Base will give more institutions the tools and infrastructure they need to participate in on-chain debt capital markets, Wyss added:

“Our deployment on Base exemplifies a shared vision to surmount the barriers confronting institutions, offering them a secure and efficient portal to engage 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 considerable growth since, with revenue recently surpassing $10 million. The L2’s monthly active user count has also been impressive, with over 1 million on average.

Obligate raised $8.5 million in its seed funding round, with backers including Earlybird, Blockchange Ventures, SIX Fintech Ventures and Circle Ventures.