Kraken, a prominent US crypto exchange, has acquired Backed Finance AG as part of its tokenisation push.
The deal is expected to speed the global rollout of xStocks, bringing issuance, trading and settlement onto a single platform aimed at building open capital-markets infrastructure for a broader base of users.
“Integrating Backed into Kraken strengthens the core architecture required for open and programmable capital markets,” said Arjun Sethi, Co-CEO of Kraken.
This year, Kraken has been working with Backed to offer tokenised stocks and ETFs to its clients using crypto networks such as Ethereum and Solana.
“Unifying issuance, trading and settlement under one framework ensures the infrastructure for tokenised assets remains transparent, reliable and globally accessible. This is foundational work for the next era of market structure,” said Sethi.
Backed says the collaborations started “from the earliest design sessions to the rollout and expansion of xStocks.”
“As part of Kraken, we will accelerate the adoption of tokenized equities to a far broader audience. The mission remains the same: to make financial assets open, efficient, and easy to access. With Kraken, we can pursue it at a global scale,” said Backed in a social media post.
Kraken did not reveal the size of the transaction to Decrypt.
