Based on Bitcoin.com, Kraken has agreed to acquire Backed Finance AG, the issuer behind xStocks, to accelerate the expansion of tokenized equities. The acquisition aims to unify issuance, trading, and settlement under a single framework, streamlining access to tokenized assets. xStocks, which launched in early 2025, reportedly surpassed $10 billion in combined exchange and onchain trading volume within six months. Kraken plans to integrate xStocks into its global money app and expand tokenized assets beyond equities. The deal is part of Kraken’s broader strategy to build a vertically integrated platform for custody, clearing, settlement, and market data.
Kraken Acquires Backed Finance AG to Expand Tokenized Equities Ecosystem
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