Kraken Acquires xStocks to Dominate Tokenized Stock Market

Crypto exchange Kraken is taking a major step into the world of tokenized stocks, after acquiring Backed Finance AG, the issuer behind the popular xStocks platform. This strategic move will integrate xStocks’ issuance, trading, and settlement directly into Kraken’s global money app and ecosystem. With this acquisition, Kraken aims to accelerate the expansion of tokenized equity markets and solidify its position as a leading player in this rapidly growing sector.