Kraken Moves to Acquire Backed in Bid to Expand Global Tokenized Equities
PositiveCryptocurrency
- Kraken has announced its acquisition of Backed Finance, a strategic move aimed at expanding its global tokenized equities offerings through the xStocks platform. This acquisition is part of Kraken's ongoing efforts to integrate traditional finance with blockchain technology, enhancing its position in the cryptocurrency market.
- This development is significant for Kraken as it seeks to bolster its tokenization strategy, which is increasingly relevant in a market that is witnessing a growing demand for regulated real-world assets. The acquisition is expected to provide Kraken with greater control over its tokenized equity services.
- The acquisition aligns with broader trends in the cryptocurrency sector, where companies are increasingly focusing on tokenization as a means to bridge the gap between traditional finance and digital assets. As Kraken continues to raise substantial funding, including a recent $800 million round that elevated its valuation to $20 billion, its strategic moves reflect a competitive landscape where innovation and integration are key to success.
— via World Pulse Now AI Editorial System
