Obligate, a Swiss-regulated blockchain marketplace for capital markets, has successfully deployed on Base, the Ethereum layer-2 scaling solution launched by Coinbase. This is considered a significant milestone in the quest to promote adoption of on-chain debt securities to more users.

Matthias Wyss, the head of strategic partnerships at Obligate, said that the deployment on Base will help with institutional adoption of on-chain debt securities and will give more institutions the tools and infrastructure they need to participate in on-chain debt capital markets. He also expressed that this represents a paradigm shift in the integration of blockchain technology into institutional finance.

Base launched in early August and has since seen considerable growth. The L2’s monthly active user count has surpassed 1 million on average, while revenue recently surpassed $10 million.

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

Today’s launch is a key step that will see more institutional investors adopt blockchain-native assets. This further demonstrates Base’s commitment to creating a more open financial system that aligns with Obligate’s vision of fostering institutional engagement in on-chain capital markets.