
Kraken’s deal to purchase Backed Finance aims at global blockchain-based stock and ETF integration, leveraging xStocks’ strong trading volumes for unified issuance, trading, and settlement.
According to Kraken’s official press release, the crypto exchange will acquire Switzerland’s Backed Finance AG, issuer of xStocks, to expand tokenized stock and ETF offerings. xStocks supports blockchain-based trading of over 60 U.S. stocks and ETFs, backed 1:1 by assets, and recorded $10 billion in trading volume in six months. Kraken plans to integrate issuance, trading, and settlement, aiming for global reach. This move follows previous acquisitions of NinjaTrader, Small Exchange, and Breakout as part of Kraken’s strategic growth and preparation for a public listing.