Kraken is making one of its most strategic moves yet. The exchange has agreed to acquire Backed Finance AG, the company behind xStocks — the fastest-growing standard for tokenized equities. The deal positions Kraken at the center of one of finance’s biggest emerging markets: bringing real-world assets onto open, programmable rails. (Cover: Founder & CEO, Arjun Sethi)
Backed will join Kraken following completion of the acquisition process, giving the team deeper capital, infrastructure, and global reach. The goal: scale xStocks from a breakout product into a universal layer for tokenized equities worldwide.
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Why Backed — and Why Now
xStocks only launched earlier this year, but the numbers speak for themselves:
$10B+ in combined onchain + exchange trading volume in six months
60+ tokenized equities and ETFs, backed 1:1 by the underlying assets
Live today on Solana and Ethereum, with TON, Tron, Mantle, and BNB Chain on the way
The demand is clear: institutions, traders, and everyday users want exposure to equities that works like crypto — borderless, composable, self-custodied, and available 24/7.
Kraken sees tokenized assets as a foundational pillar of the next financial era. Bringing Backed in-house aligns the full lifecycle of xStocks — issuance, trading, settlement, custody — under one ecosystem built for global scale.
“Integrating Backed into Kraken strengthens the core architecture required for open and programmable capital markets.”
Arjun Sethi, Kraken Co-CEO
What Changes Under Kraken
With the acquisition, Backed’s team and infrastructure will become part of Kraken’s vertically integrated architecture — which already spans exchange matching, clearing, settlement, custody, market data, and wallet services.
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That unified structure lets Kraken:
Launch new tokenized assets quickly
Ensure transparent, compliant issuance
Expand xStocks across more regions and trading venues
Deepen liquidity through centralized + onchain markets
Backed also gains the scale and global presence it needs to meet surging institutional appetite for tokenized equities.
“With Kraken’s scale elevating our vision, we can accelerate infrastructure designed to democratize financial access worldwide.”
Adam Levi, Backed Co-Founder
What This Means for Users
Kraken customers will eventually be able to hold and spend tokenized equities directly inside Krak, Kraken’s global money app.
Trading also becomes seamless:
On Kraken: 24 hours a day, five days a week
Onchain: 24/7, self-custodied, composable with DeFi
The xStocks Alliance — backed by foundations, exchanges, and consumer apps — will continue expanding, now with deeper support and resources from Kraken.
This acquisition isn’t just about equities. It's a step toward a broader universe of tokenized real-world assets: commodities, indexes, bonds, and yield-bearing instruments.
A Bigger Strategy: Making Crypto Useful in Everyday Life
Kraken’s latest moves point to a clear thesis: crypto is becoming part of daily financial behavior, not a separate economy.
A perfect example is Kraken’s new debit product, the Krak Card, which lets users spend across 400+ currencies and earn 1% back instantly in cash or crypto. Rather than hype, it’s practical — and aligns with a future where tokenized assets flow directly into real-world spending.
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Read more here: https://blockster.com/krakens-new-card-pushes-crypto-toward-everyday-use
