Kraken Agrees to Buy Tokenization Specialist Backed Finance as RWA Trend Accelerates
PositiveCryptocurrency
- Kraken has announced its acquisition of Backed Finance, a Switzerland-based tokenization specialist, as part of its strategy to enhance its offerings in the tokenized equity space through the xStocks platform. This move is seen as a response to the accelerating trend of integrating real-world assets (RWA) into the cryptocurrency market.
- The acquisition is significant for Kraken as it allows the exchange to gain full control over the xStocks platform, potentially increasing its competitive edge in the growing market for tokenized assets and positioning itself as a leader in the evolving landscape of cryptocurrency.
- This development aligns with Kraken's broader ambitions, including its recent confidential filing for an initial public offering (IPO) and a substantial valuation increase to $20 billion following significant funding rounds. The acquisition reflects a strategic pivot towards integrating traditional finance with blockchain technology, amidst a backdrop of increasing regulatory scrutiny and market volatility.
— via World Pulse Now AI Editorial System
