Kraken Acquires Backed Finance to Bolster its Tokenized Stock Platform

Kraken, a leading cryptocurrency exchange in the U.S., has announced the acquisition of Backed Finance for an undisclosed sum. This move will significantly expand Kraken’s capabilities in the tokenized stock market. 23% market share holder Backed Finance boasts exposure to over 60 tokenized equities and ETFs. The integration is expected to strengthen Kraken’s platform, xStocks, which recently surpassed $10 billion in trading volume.