Kraken has acquired Backed Finance, a key issuer of blockchain-based tokens that represent real-world stocks and ETFs. The move deepens the crypto exchange’s push into tokenised assets as it gears up for a potential public listing in 2026.
By bringing Backed in-house, Kraken will directly control both the issuance and trading of these securities on its platform. Kraken already lists many of Backed’s tokenised products.
“Unifying issuance, trading and settlement ensures the infrastructure for tokenised assets remains transparent and globally accessible,” said Kraken co-CEO Arjun Sethi. Financial terms were not disclosed.
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The deal highlights Wall Street’s growing interest in blockchain-based traditional assets. Recently, firms like BlackRock have launched tokenised funds holding billions, while several trading platforms now offer tokenised stock markets.
Notably, Kraken draws a line at private equity tokenisation. Sethi recently criticised competitors like Robinhood for offering tokenised shares in private companies, calling it a risky model with limited investor liquidity. Kraken’s focus remains on tokenised public securities.
