Kraken, the third-largest centralized exchange by volume in the U.S., announced the acquisition of Backed Finance on Tuesday to expand its tokenized stock offering.
Summary
- Kraken agreed to buy Backed Finance for an undisclosed price.
- Backed Finance boasts 23% market share; it offers exposure to more than 60 tokenized equities and ETFs.
- The integration is expected to enhance Kraken’s capabilities.
The acquisition will support Kraken’s tokenized equity platform, xStocks, which surpassed $10 billion in total trading volume in November, according to the company.
“Bringing Backed fully into our ecosystem also allows greater alignment on strategy and investment priorities, unlocking the full economic potential of xStocks,” Kraken stated in a blog post.
The financial terms of the transaction were not disclosed.
Backed Finance specializes in tokenized securities, offering blockchain-based representations of traditional financial assets. The integration is expected to enhance Kraken’s capabilities in the tokenized equities market, according to the announcement.
Kraken operates as one of the major cryptocurrency exchanges in the United States, competing with platforms including Coinbase and Binance.US in the digital asset trading market.
Source: https://crypto.news/kraken-backed-finance-expand-tokenized-stock-platform/
