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2w ago

Kraken to Acquire Switzerland’s Backed Finance to Fold Tokenized Stocks Into Its Platform

The move centralizes issuance, trading, settlement of xStocks to advance 24/7 programmable markets.

Kraken
Kraken acquires Backed Finance to bolster tokenization strategy
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Kraken moves to acquire backed in bid to expand global tokenized equities

Overview

  • Kraken said it will integrate Backed Finance’s tokenized stocks and ETFs (xStocks) directly into its exchange, with financial terms undisclosed.
  • Co-CEO Arjun Sethi said bringing the issuer in-house strengthens the architecture for transparent, reliable tokenized asset infrastructure.
  • The companies partnered in June to launch xStocks, which has issued over $170 million in tokens with $2.3 billion in onchain trading volume, according to a Dune dashboard.
  • Backed Finance issues tokens backed one-to-one by underlying public equities and ETFs, with custody arrangements designed to mirror the real securities.
  • The purchase extends Kraken’s 2025 deal spree and IPO preparation, following acquisitions of NinjaTrader, Small Exchange and Breakout and an $800 million raise valuing the firm at about $20 billion.