Kraken buys Backed Finance to expand tokenized stock platform
PositiveCryptocurrency
- Kraken, the third-largest centralized exchange in the U.S., has acquired Backed Finance to enhance its tokenized stock platform. This strategic move aims to integrate traditional finance with blockchain technology, allowing Kraken to offer a broader range of tokenized equity options through the xStocks platform.
- The acquisition is significant for Kraken as it seeks to solidify its position in the competitive cryptocurrency market and expand its offerings in regulated real-world assets. This aligns with the company's ongoing efforts to innovate and adapt to the evolving financial landscape.
- This development reflects a growing trend in the cryptocurrency sector, where exchanges are increasingly focusing on tokenization and the integration of traditional financial assets. As regulatory clarity improves, companies like Kraken are positioning themselves to capitalize on the convergence of blockchain technology and conventional finance.
— via World Pulse Now AI Editorial System
