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Naga Avan-Nomayo

Kraken Acquires Backed Finance to Expand Tokenized Assets Strategy

Kraken has entered into an agreement to acquire Backed Finance, the issuer of tokenized assets that powers its xStocks trading service. The acquisition strengthens Kraken's position in real-world asset tokenization as it prepares for a 2026 IPO. The xStocks platform has generated over $5 billion in cumulative trading volume since launch.
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