• Kraken will acquire Backed Finance AG to accelerate the expansion of xStocks.
• xStocks crossed $10 billion in volume within six months.
• Co-CEO Arjun Sethi also praised Kalshi’s recent fundraising at $11B valuation.

Crypto exchange Kraken formally agreed to acquire Backed Finance AG on Tuesday, executing a strategic pivot to own the infrastructure behind the booming tokenized asset sector. The deal brings the issuance, compliance, and settlement of xStocks – tokenized representations of real-world equities, entirely in-house, signaling Kraken’s intent to compete directly with traditional brokerage models.

According to Kraken co-CEO Arjun Sethi, the unification will lead to a more “transparent, reliable and globally accessible” offering for customers. He stated:

“This is bigger than giving people exposure to U.S. equities, it’s about redefining what it…

Read The Full Article Kraken Acquires ‘Backed’ to Vertically Integrate Tokenized Stocks; xStocks Volume Hits $10 Billion On Coin Edition.

• Kraken will acquire Backed Finance AG to accelerate the expansion of xStocks.
• xStocks crossed $10 billion in volume within six months.
• Co-CEO Arjun Sethi also praised Kalshi’s recent fundraising at $11B valuation.

Crypto exchange Kraken formally agreed to acquire Backed Finance AG on Tuesday, executing a strategic pivot to own the infrastructure behind the booming tokenized asset sector. The deal brings the issuance, compliance, and settlement of xStocks – tokenized representations of real-world equities, entirely in-house, signaling Kraken’s intent to compete directly with traditional brokerage models.

According to Kraken co-CEO Arjun Sethi, the unification will lead to a more “transparent, reliable and globally accessible” offering for customers. He stated:

“This is bigger than giving people exposure to U.S. equities, it’s about redefining what it…

Read The Full Article Kraken Acquires ‘Backed’ to Vertically Integrate Tokenized Stocks; xStocks Volume Hits $10 Billion On Coin Edition.