Kraken to Acquire RWA Tokenization Firm Backed Finance
Kraken said on Dec. 2, 2025 that it will acquire Switzerland-based Backed Finance, the real-world asset (RWA) tokenization firm the exchange has partnered with to launch its xStocks tokenized equity product. The move formalizes a strategic relationship and brings Backed Finance’s technology and Swiss tokenization expertise in-house, streamlining product development and custody integration for Kraken’s growing RWA efforts.
The acquisition signals Kraken’s push to scale tokenized equities and other RWAs as institutional demand and regulatory clarity slowly advance. Owning Backed Finance could accelerate rollouts, reduce integration friction, and strengthen Kraken’s competitive position against other exchanges moving into asset tokenization. Market participants will watch for regulatory approvals and how the combined teams prioritize compliance and onboarding to attract institutional flows into tokenized securities.