Kraken Acquires Backed Finance to Enhance Tokenization Efforts
- Crypto exchange Kraken is acquiring Backed Finance AG to advance tokenization.
- The acquisition aims to promote the global adoption of xStocks, securities available on blockchains.
- Kraken has collaborated with Backed this year to offer tokenized stocks and ETFs using networks like Ethereum and Solana.
- The company has made several acquisitions in preparation for a public offering, including buying NinjaTrader for $1.5 billion.
- Kraken co-CEO Arjun Sethi emphasizes integrating Backed will strengthen open and programmable capital markets infrastructure.
Kraken’s acquisition of Backed Finance underscores its commitment to advancing tokenization by bridging traditional equities with decentralized finance platforms. This move aligns with Kraken’s strategy of creating an institutional-grade trading platform where any asset can be traded at any time.
By acquiring Backed Finance, Kraken aims to redefine asset ownership in the digital era, enhancing transparency and accessibility in capital markets through tokenized assets (Source).
