Kraken adds Backed Finance to 2025 acquisition streak, brings xStocks in-house
Kraken is acquiring Backed Finance, the issuer of tokenized equities known as xStocks, to integrate them into its products.Summary
US-based crypto exchange Kraken has announced its agreement to acquire Backed Finance AG, the company responsible for issuing xStocks, which are tokenized versions of publicly traded equities like stocks and ETFs. This acquisition is part of Kraken's ongoing acquisition streak this year and aims to integrate xStocks' issuance, trading, and settlement more closely into Kraken's offerings, including its global money app, while expanding blockchain support. xStocks currently has over 60 tokenized products live on the Solana and Ethereum blockchains, boasting over $10 billion in combined volume. The move is expected to consolidate the xStocks Alliance network, supporting broader interoperability for tokenized equities, a trend gaining traction across major platforms like Robinhood.
(Source：Cointelegraph)