# Kraken Agrees to Acquire Backed, Accelerating xStocks and the Global Tokenized Equities Market

> 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)

By Lidia Yadlos · December 6, 2025

Canonical: https://blockster.com/kraken-agrees-to-acquire-backed-accelerating-xstocks-and-the-global-tokenized-equities-market

_Kraken is making one of its most strategic moves yet. The_ _**[exchange has agreed to acquire Backed Finance AG](https://blog.kraken.com/news/backed-acquisition)**__, 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](https://kraken.com/)** following completion of the acquisition process, giving the team deeper capital, infrastructure, and global reach. The goal: **[scale xStocks from a breakout product ](https://blockster.com/backed-launches-xport-to-bring-trillions-in-equities-onchain)**into a universal layer for tokenized equities worldwide.

[Post from @krakenfx on X](https://twitter.com/krakenfx/status/1997056321003119086?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1997056321003119086%7Ctwgr%5E3738ecb41e4abee3beb2df8bc15f4e0a29841af0%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fblockster.com%2Fkraken-agrees-to-acquire-backed-accelerating-xstocks-and-the-global-tokenized-equities-market)

## Why Backed — and Why Now

**[xStocks only launched earlier this year,](https://blockster.com/backed-launches-xstocks-tokenized-stocks-now-live-on-bybit-kraken-and-solana)** 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](https://backed.fi/)** 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.

[Post from @arjunsethi on X](https://twitter.com/arjunsethi/status/1996058096125333654?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1996058096125333654%7Ctwgr%5E3738ecb41e4abee3beb2df8bc15f4e0a29841af0%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fblockster.com%2Fkraken-agrees-to-acquire-backed-accelerating-xstocks-and-the-global-tokenized-equities-market)

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.

[Post from @BlocksterCom on X](https://twitter.com/BlocksterCom/status/1994069786829975684?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1994069786829975684%7Ctwgr%5E3738ecb41e4abee3beb2df8bc15f4e0a29841af0%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fblockster.com%2Fkraken-agrees-to-acquire-backed-accelerating-xstocks-and-the-global-tokenized-equities-market)

Read more here: **[https://blockster.com/krakens-new-card-pushes-crypto-toward-everyday-use](https://blockster.com/krakens-new-card-pushes-crypto-toward-everyday-use)**