In-depth exploration of xStocks developer Backed: The "drop to zero" team starts a new venture.

xStocks is undoubtedly one of the hottest keywords recently, quickly becoming the partner for US stock tokenization for platforms like Kraken, Bybit, and Jupiter. The developer behind it, Backed, has also swiftly taken advantage of the narrative of "coin-stock integration."

Backed team members

The "Return to Zero" Team's Second Venture

After深入挖掘, it was found that the story behind the team is much more complex than it appears. The three co-founders of Backed Finance, Adam Levi, Yehonatan Goldman, and Roberto Klein, were all core members of the DAOstack project.

According to RootData, DAOstack is a decentralized coordination operating system that provides support for decentralized companies, funds, and markets. The project was launched in 2017, during a significant crisis for the DAO concept, when there was widespread skepticism about whether practical applications could be realized in the short term. However, DAOstack launched against the odds and completed three rounds of financing in 2018, raising a total of 30 million dollars.

However, after the ICO fundraising of the token GEN was completed, the team did not list it on any exchanges, including small and medium-sized trading platforms. Ultimately, GEN lost its liquidity and ended up at zero. Crypto KOL 0x Todd sharply commented: "Many second to fourth-tier exchanges usually take the initiative to list tokens, but DAOstack didn't even manage to do this kind of 'strong listing'; the team is really a mess."

The concept of DAO never truly experienced a breakthrough in the following years, and the popularity of the DAOstack project subsequently declined. According to KOL Crypto Fearlessness, the project has been almost stagnant since 2020. Ultimately, in 2022, due to depleted funds, DAOstack Limited announced the official shutdown of the project.

Now, this team has changed its narrative to re-enter the market, donning the new guise of "US stock tokenization" and successfully riding the wave of the fusion of coins and stocks. How far can they go this time?

Master of Music Pipe Growth, Backed Team Portrait Breakdown

According to LinkedIn, the overall size of the Backed team is between 11 and 50 people. Further observation reveals that, excluding the founders and directors, the core members of the project can be roughly divided into two main categories:

One type is anti-money laundering and legal compliance personnel, which account for a relatively high proportion, and most have a mature legal background and experience. This configuration is obviously highly compatible with the track that Backed is in and also provides institutional support for its involvement in tokenization.

Another group consists of former employees from the cryptocurrency asset management company 21 Shares, including the current CTO and COO Yotam Katznelson and senior software engineer Łukasz Romanowski. This group forms the technical backbone of Backed, responsible for driving the construction and deployment of the underlying products.

Structurally, the Backed team supports the project's foundation with two main lines: "technology + compliance". However, not all members' roles are as reasonable and clear. For example, the growth director David Henderson has a rather unconventional background.

According to David's LinkedIn profile, he holds a Master's degree in Music from the University of Aberdeen, and his career experience is primarily focused on communication coordination positions in higher education, with almost no experience related to cryptocurrency or finance. The only relevant experience is a six-month job in "strategic digital assessment" related to trusts. However, he is responsible for growth and marketing at Backed.

Backed Co-creation Portfolio: Academic Style, Artistic Faction, Investment Enthusiasts

The three co-founders of Backed all come from Israel, and their backgrounds are vastly different and span a wide range: one is a PhD in physics, one is an art gallery owner, and one is an angel investor. Notably, their Web3 experience is almost exclusively concentrated in the two projects DAOstack and Backed.

Adam Levi holds a PhD in theoretical physics from the Technion - Israel Institute of Technology, and has served as an academic officer (with the rank of lieutenant) in the Israel Defense Forces, as well as a teaching assistant at a university. Before 2020, he published ten papers on black holes and quantum effects, with a pure academic background. He is now the external representative of Backed, frequently leading interviews and events.

Yehonatan Goldman describes himself as a "self-taught multidisciplinary maker" and holds a Master's degree in Cultural Heritage Preservation from the University of Haifa in Israel. He founded the Talish Art Gallery and has also been active as a freelance project manager. In 2017, he joined DAOstack, becoming the Chief Operating Officer of the project.

Roberto Klein's experience focuses on capital operations. He graduated from Tel Aviv University and obtained an MBA from IMD Business School in Switzerland. Early in his career, he worked in optoelectronic engineering and investment analysis, and since 2009, he has shifted to angel investing, focusing on renewable energy and financial technology. Since 2017, he has been responsible for legal and regulatory affairs at DAOstack.

From the early explorations of DAOstack to the coin-stock narrative behind xStocks, being at the forefront often outweighs silent cultivation. However, what the market ultimately cares about are the fundamentals and sustainability.

Currently, some users have started to question issues such as insufficient liquidity, high fees, and lack of transparency in audits. Can this "second venture" team tell a more mature story? The answer remains to be revealed.