Kraken Acquires Backed Finance to Enhance Tokenized Equities
- Kraken has agreed to acquire Backed Finance, a tokenized asset issuer, enhancing its xStocks product.
- Backed manages on-chain representations of approximately 71 assets and holds a 23% market share in tokenized public stocks.
- The xStocks platform has generated over $5 billion in cumulative trading volume since its launch.
- The acquisition aligns with Kraken’s plans for an IPO targeted for 2026.
- Standard Chartered projects that tokenized real-world assets could reach $2 trillion by 2028.
This acquisition allows Kraken to gain greater control over the issuance and maintenance of tokenized equities, crucial as demand for such assets grows in financial markets.
With this move, Kraken aims to solidify its position in the market ahead of its planned IPO, leveraging Backed’s technology which supports a significant trading volume across various platforms. (Source)
