The acquisition will give Kraken full control of the xStocks tokenized-equity platform, strengthening the exchange’s push into regulated real-world assets.
US-based crypto exchange Kraken has agreed to acquire Backed Finance AG, the company behind the issuance of xStocks, adding to a string of acquisitions the exchange has made this year while bringing the tokenized-equities platform under its roof.
According to Tuesday’s announcement, Kraken plans to integrate xStocks’ issuance, trading and settlement more tightly into its products, including its global money app, while expanding support to additional blockchains and markets.
XStocks is a platform that issues tokenized versions of publicly traded equities, such as stocks and exchange-traded funds (ETFs). It currently offers over 60 tokenized products and has recorded more than $10 billion in combined exchange and onchain volume since launching earlier this year.
