Key Takeaways
- Kraken is set to acquire Backed Finance, a platform that issues digital tokens representing real-world assets such as stocks and ETFs.
- The move reflects Kraken’s belief in the potential of tokenized asset trading on blockchain networks.
Kraken, a regulated cryptocurrency exchange, announced the acquisition of Backed Finance, a provider of tokenization solutions that converts traditional assets like stocks into digital tokens. The move would strengthen Kraken’s strategy to become an on-chain venue for tokenized assets and institutional services.
The deal expands Kraken’s tokenization capabilities as the exchange positions itself to bridge crypto with traditional finance. The company currently provides stocks and ETFs issued by Backed and, according to Co-CEO Arjun Sethi, plans to integrate them more fully into its platform.
Kraken has been pursuing European compliance initiatives to connect tokenized assets with traditional finance markets. The exchange is focusing on institutional access to tokenized assets through its expanding infrastructure.
Source: https://cryptobriefing.com/kraken-acquires-backed-finance-tokenization/
