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Kraken agreed to acquire Backed Finance AG, the company driving the issuance of xStocks, the leading industry standard for tokenized equities.The acquisition will accelerate the global adoption of xStocks; unifying issuance, trading and settlement to power open capital markets infrastructure for everyone.
xStocks has seen exceptional adoption since its debut earlier in 2025, surpassing $10 billion in combined exchange and onchain trading volume within six months. This acquisition gives Backed access to the capital and resources needed to scale faster and capitalize on surging adoption and growing institutional demand for tokenized equities.
Kraken plans to integrate xStocks more deeply into its broader product suite — including Krak, its global money app — allowing customers to hold and spend in tokenized equities.
