Kraken, a leading cryptocurrency exchange, has made a significant move in the digital asset space by acquiring Backed Finance, a company that now grants it full control of xStocks, a rapidly expanding platform for tokenized equities. This acquisition strengthens Kraken's position in the digital asset space and expands its offerings to include a wider range of investment products, including tokenized equities and digital assets.

xStocks, now under Kraken's umbrella, is a notable platform facilitating trading of shares in a digital format. It has reportedly seen over $10 billion in trading volume, indicating significant growth and investor interest. The terms of the deal were not disclosed, but this acquisition marks another addition to Kraken's ongoing expansion strategy, which aims to capitalize on the emerging market of tokenized equities and digital assets.

By bringing xStocks in-house, Kraken aims to offer its users access to a broader range of investment opportunities and capitalize on the growing trend of tokenized equities in the financial markets. This move signals a continued commitment from Kraken to innovate and adapt to the evolving landscape of digital finance, making it a leader in the industry.