Kraken will acquire Backed Finance to promote tokenization development

According to Bloomberg, the cryptocurrency exchange platform Kraken is acquiring a tokenized asset platform, demonstrating its confidence in blockchain stock trading.

In a statement on Tuesday, Kraken announced that it will acquire Backed Finance—a platform that issues digital tokens representing real assets, including shares of stocks and exchange-traded funds (ETFs). Kraken co-CEO Arjun Sethi stated in an interview that Kraken has already offered stocks and ETFs issued by Backed, and after the acquisition is completed, it plans to integrate these products more closely into its platform.