Kraken has acquired Backed Finance AG, the issuer behind xStocks, one of the most rapidly adopted tokenized equities infrastructures in the market. Since launching earlier this year, xStocks has surpassed $10 billion in combined exchange and on-chain trading volume. The acquisition aims to unify issuance, trading and settlement under Kraken’s ecosystem, enabling open and programmable capital-markets infrastructure.
xStocks currently offers more than 60 tokenized equities and ETFs, each backed 1:1 by the underlying asset and tradable both on Solana and Ethereum, with additional chains on the way. Investors can access 24/5 trading via Kraken or trade directly on-chain 24/7, bridging traditional and crypto markets.
Part of Kraken’s Wider Multi-Asset Expansion
The acquisition fits into Kraken’s broader push into multi-asset trading. Earlier this year, the company moved into the prop-trading space through its purchase of Breakout. The evaluation model from Breakout is now being integrated into Kraken Pro. Kraken’s entry into prop trading through Breakout shows its aim to build tools for advanced traders, and the Backed deal supports the same plan.
Kraken said that adding Backed’s team and technology will help xStocks grow faster. It will also support new tokenization projects beyond equities, as the company works to build open and interoperable financial infrastructure.
