Cryptocurrencies
Crypto Firm Kraken Acquires Backed Finance in Tokenization Push
Kraken recently closed a fresh funding round that valued the company at about $20 billion, and is preparing to go public in 2026.
Photographer: Tiffany Hagler-Geard/BloombergCrypto exchange Kraken is acquiring a tokenized assets platform in a vote of confidence for stock trading tied to blockchains.
Kraken will acquire Backed Finance, an issuer of digital tokens that represent real-world assets including stocks and exchange-traded fund shares, the exchange said in a statement Tuesday. Kraken already offers stocks and ETFs issued by Backed, and after the deal plans to integrate those products more tightly into its platform, Kraken Co-Chief Executive Officer Arjun Sethi said in an interview.