Key Notes

Backed Finance's xStocks product gained over 84,000 holders with $12 billion in total volume since June launch.

Daily transactions surpassed $30 million while assets under management reached $175 million for the tokenized equities platform.

Kraken reported $648 million Q3 revenue and raised $800 million ahead of planned IPO filing with the SEC.

US-based digital assets exchange Kraken has announced its acquisition of real-world asset (RWA) tokenization firm Backed Finance.

The two firms had previously entered a strategic partnership to expand Backed Finance’s xStocks product onto Kraken’s exchange ecosystem. While no terms have been disclosed as of the time of this article’s publication, it appears Backed Finance will now be absorbed into Kraken FX.

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