Kraken Acquires Backed Finance for Expanded Tokenized Stock Access

Cryptocurrency exchange Kraken has acquired Backed Finance, a firm specializing in tokenized equities, to accelerate the growth of its xStocks platform and expand global access to real-world asset trading. xStocks, which facilitates 24/7 trading of over 60 Ethereum and Solana stocks, achieved $10 billion in trading volume within six months of launch, highlighting strong market demand. This strategic acquisition will integrate Backed’s expertise into Kraken’s platform architecture, enhancing efficiency, liquidity, and compliance across its tokenized asset offerings.