Kraken has announced plans to acquire Backed Finance (xStocks) ahead of its upcoming IPO listing, a move that will enable the company to accelerate user access to tokenized real-world assets (stocks, bonds, etc.).
About Backed Finance
Backed Finance is a tokenization company specializing in the issuance of tokenized versions of major financial assets fully backed by their underlying assets. As of December 2, 2025, Backed Finance has tokenized over $200 million in assets — $156 million of which consists of tokenized stock.
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