Known for powering many of the tokenized assets circulating across crypto markets, Backed will shift from being a behind-the-scenes partner to an in-house component of Kraken’s expanding ecosystem. The exchange sees the move as a way to control the full lifecycle of tokenized equities, from issuance to trading.
Backed has built infrastructure that creates on-chain versions of traditional stocks and ETFs, each tied to real underlying securities. That technology has become one of the most widely adopted backends for tokenized equities, enabling exposure to roughly seventy different assets across several blockchains. It has also supported billions in cumulative trading activity on Kraken’s xStocks marketplace and has been used by other platforms, including Bybit, to bring tokenized versions of companies like Nvidia and Strategy onto their networks.
For Kraken, ownership means more than convenience. Controlling the issuer behind its tokenized equities gives the exchange tighter oversight of how those assets are created, maintained, and integrated into spot markets and collateral frameworks. The acquisition aligns with Kraken’s broader playbook as it prepares for an IPO, a process already supported by a recent capital raise valuing the company near $20 billion and by deals expanding its derivatives and brokerage capabilities.
The deal lands during a period of rapid growth for real-world-asset tokenization. Financial leaders — including executives at BlackRock — have increasingly described tokenized assets as the next major evolution in market infrastructure. Forecasts from Standard Chartered estimate that the sector could reach trillion-dollar scale within a few years, with Ethereum expected to host the majority of activity. Analysts at RedStone point to rising demand for tokenized yield products and reliable collateral as drivers of continued expansion in 2025.
Backed, founded in 2021, will continue supporting its existing tokens during the integration period. For Kraken, the acquisition represents a step toward building a vertically unified environment where traditional assets, crypto markets, and tokenized products operate under one coordinated framework. It marks another milestone in the company’s shift toward public markets and its ambition to become a core hub in the next wave of financial tokenization.
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