Introduction
The crypto world is abuzz with xStocks, the latest sensation partnering with major platforms like Kraken, Bybit, and Jupiter for tokenized equities. Behind this buzz lies Backed, its developer, riding the wave of "stock-token integration." But who is Backed, and what’s their real story?
The Phoenix Rises: From DAOstack’s Ashes
Backed Finance’s founders—Adam Levi, Yehonatan Goldman, and Roberto Klein—were once core members of DAOstack, a decentralized coordination OS launched in 2017. Despite raising $30M and initial hype, DAOstack’s GEN token faded into obscurity due to poor exchange listings and waning interest in DAOs. By 2022, the project shut down.
Now, rebranded under the "tokenized equities" narrative, the team seeks redemption. Critics question: Can they sustain this second act?
Backed’s Team: A Mosaic of Talent
Core Structure
- Compliance Heavyweights: Legal experts dominate, ensuring regulatory adherence for tokenized assets.
- 21 Shares Alumni: Technical leads like CTO Yotam Katznelson bring crypto asset management experience.
- Growth Lead: David Henderson, a music graduate with scant crypto experience, oddly heads marketing—raising eyebrows about strategic hires.
Founders’ Unconventional Backgrounds
| Founder | Background | Crypto Role |
|---|---|---|
| Adam Levi | Physics PhD, ex-military officer | Backed’s public face |
| Yehonatan Goldman | Art gallery owner, heritage conservation | DAOstack’s former COO |
| Roberto Klein | MBA, angel investor in fintech | Handled legal/regulatory |
Market Skepticism & Challenges
While Backed capitalizes on the "stock-token" trend, users flag concerns:
- Liquidity gaps
- High fees
- Opaque audits
The team’s ability to address these will determine their longevity.
👉 Explore how tokenized equities are reshaping crypto
FAQs
Q1: What’s Backed’s connection to DAOstack?
A: Backed’s founders previously led DAOstack, which failed due to poor token management.
Q2: Why is Backed’s team composition controversial?
A: Roles like a music graduate leading growth seem mismatched for a crypto-finance project.
Q3: What are the risks of investing in xStocks?
A: Liquidity risks and regulatory uncertainties top the list.
👉 Dive deeper into tokenization trends
Conclusion
Backed’s reinvention is a high-stakes gamble. Market narratives may fuel initial hype, but lasting success hinges on transparency and execution. Will history repeat itself, or will this team rewrite its legacy?