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The crypto exchange company previously partnered with Backed to launch the tokenized stocks product, xStocks, in May 2025.
The xStocks product was later adopted by other crypto exchanges, including Bybit and Bitrue, to support tokenized stocks on their platforms.
Backed Finance’s real-world asset tokenization service gained popularity earlier this year amid the buzz around tokenizing publicly listed stocks.
Karken has announced the acquisition of the real-world asset tokenization platform Backed Finance. The crypto exchange company said on Tuesday that the acquisition allows it to integrate Backed’s digital tokens representing stocks and ETF shares more deeply into its platform.
The acquisition follows Kraken’s and Backed Finance’s partnership to launch xStocks in May 2025, which allowed the exchange to offer tokenized U.S. stocks and ETFs on its platform in qualifying jurisdictions.
The xStocks product was later adopted by various crypto exchanges, including Bybit and Bitrue, to support tokenized stock trading on their platforms.
Backed Finance’s real-world asset tokenization service, along with Dinari, which is US-regulated, gained popularity earlier this year amid the buzz around tokenizing publicly listed stocks.
Although the number of tokenized stocks and ETFs has peaked since August, the volume still remains low, failing to break the highs of about $770 million recorded in January 2025, according to data by real-world asset tokenization tracking platform, RWA.xyz.
However, this did not deter Kraken from pressing on with the idea, with its acquisition of Backed Finance, potentially displaying a power move in the segment against other crypto exchanges.
Commenting on the acquisition, Kraken Co-Chief Executive Officer Arjun Sethi, said in a statement: “While everyone is talking about tokenized equities, we are just doing it,” said Kraken Co-Chief Executive Officer Arjun Sethi. “We are focused on long-term investment, not hype.”
Kraken, which recently closed a $500 million funding round at $15 billion valuation, did not disclose the financial details of the acquisition.
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