xStocks is undoubtedly one of the hottest keywords recently, quickly becoming a US stock tokenization partner for platforms like Kraken, Bybit, and Jupiter. The developer behind it, Backed, has also rapidly ridden the wave of the "crypto-stock convergence" narrative.
Backed Team Members
The "Zero" Team's Second Venture
A deeper investigation reveals that the team's story is far more complex than it appears. The three co-founders of Backed Finance - Adam Levi, Yehonatan Goldman, and Roberto Klein - were previously core members of the DAOstack project.
According to RootData, DAOstack is a decentralized coordination operating system that supports decentralized companies, funds, and markets. The project launched in 2017, a time when the DAO concept faced a major crisis, and the industry generally doubted its short-term practical application. However, DAOstack started against the skepticism and completed three rounds of financing in 2018, raising a total of $30 million.
However, after the token GEN completed its ICO fundraising, the team did not list it on any exchange, 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 this 'forced listing', the team is a complete mess."
The DAO concept did not truly break out in the following years, and DAOstack's project momentum declined accordingly. According to KOL Crypto Fearless, the project was almost stagnant since 2020. Finally, in 2022, due to exhausted funds, DAOstack Limited announced the official closure of the project.
Now, this team has returned to the market with a new narrative, dressed in the "US stock tokenization" coat, successfully riding the crypto-stock convergence trend. This time, how far can they go?
Music Master Manages Growth, Backed Team Portrait Breakdown
According to LinkedIn, the Backed team's overall size is between 11 and 50 people. Further observation reveals that, excluding founders and directors, the project's core members can be roughly divided into two categories:
One category is anti-money laundering and legal compliance personnel, with a relatively high proportion, most of whom have mature legal backgrounds and experience. This configuration clearly aligns with the track Backed is in, providing institutional guarantees for its involvement in tokenized assets.
The other category consists of former employees from the crypto asset management company 21 Shares, including the current CTO and COO Yotam Katznelson and senior software engineer Łukasz Romanowski. These members form the technical backbone of Backed, responsible for driving the underlying product construction and deployment.
From a structural perspective, Backed's team is supported by two main lines of "technology + compliance". However, not all members' role settings are so reasonable and clear. For example, Growth Manager David Henderson's background appears quite unique.
According to David's LinkedIn profile, he has a Master's degree in Music from the University of Aberdeen, with professional experience mainly focused on communication coordination positions in universities, with almost no experience in crypto or finance. The only related experience is a six-month "strategic digital assessment" work related to trusts. Yet at Backed, he is responsible for growth and marketing.
Backed Co-Founders: Academic, Artistic, and Investment Types
Backed's three co-founders are all from Israel, with extremely diverse backgrounds and styles: a physics PhD, an art gallery owner, and an angel investor. Notably, their Web3 experience is almost exclusively concentrated in two projects: DAOstack and Backed.
Adam Levi has a PhD in Theoretical Physics from the Israel Institute of Technology, previously served as an academic officer (lieutenant rank) in the Israeli Defense Forces, and was also a university teaching assistant. Before 2020, he published ten papers on black holes and quantum effects, with a pure academic background. Now, he is Backed's external representative, often leading interviews and events.
Yehonatan Goldman calls himself a "self-taught multidisciplinary maker" with a Master's degree in Material Culture Heritage Preservation from the University of Haifa. He founded the Talish Art Gallery and was active as a freelance project manager. In 2017, he joined DAOstack as its Chief Operating Officer.
Roberto Klein's experience leans towards 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 optoelectronics and investment analysis, then transitioned to angel investing in 2009, focusing on renewable energy and fintech. From 2017, he was responsible for legal and regulatory affairs at DAOstack.
From DAOstack's early exploration to the crypto-stock narrative behind xStocks, standing at the forefront often trumps quiet cultivation. But what the market ultimately cares about is fundamentals and sustainability.
Currently, users have begun to question issues such as insufficient liquidity, high fees, and non-transparent audits. Can this "second venture" team tell a more mature story? The answer remains to be seen.
