Crypto Firm Kraken Acquires Backed Finance in Tokenization Push

Crypto exchange Kraken is acquiring a tokenized assets platform in a vote of confidence for stock trading tied to blockchains.

Kraken will acquire Backed Finance, an issuer of digital tokens that represent real-world assets including stocks and exchange-traded fund shares, the exchange said in a statement Tuesday. Kraken already offers stocks and ETFs issued by Backed, and after the deal plans to integrate those products more tightly into its platform, Kraken Co-Chief Executive Officer Arjun Sethi said in an interview.

“While everyone is talking about tokenized equities, we are just doing it,” Sethi said. “We are focused on long-term investment, ...