CMC News

#Kraken Acquires Backed Finance, Takes Full Control of #xStocks Platform

Kraken has completed its acquisition of Backed Finance AG, the Swiss company that operates xStocks. The deal marks another addition to the exchange's 2025 acquisition streak and brings tokenized equity issuance directly under Kraken's management.

The acquisition gives Kraken complete ownership of the xStocks infrastructure, which issues #tokenized versions of publicly traded stocks and exchange-traded funds. According to Tuesday's announcement, the integration will allow tighter control over issuance, trading, and settlement processes across Kraken's product suite, including its global money app.

Kraken plans to expand xStocks support to additional blockchains and markets. The platform currently operates on #Solana and #Ethereum networks, offering over 60 tokenized products with 24/7 trading availability. Since launching earlier this year, xStocks has processed more than $10 billion in combined exchange and on-chain volume.

The tokenized assets can be self-custodied and moved across multiple networks. Kraken first rolled out Backed's xStocks product to eligible European users in September, testing market demand before pursuing a full acquisition.