Kraken is a believer in the future of tokenizing stocks and ETFs. Which is exactly why they are buying a private company based in Switzerland.
What’s happening:
- Digital asset exchange Kraken has entered into a new deal to acquire tokenization platform Backed Finance
Why it matters:
- Backed Finance is one of the most advanced tokenization platforms focused on stocks and ETFs and has generated hundreds of millions of dollars of trading volume
Going deeper:
- Backed Finance and Kraken previously formed a partnership to launch tokenized stocks on Kraken’s platform to enable global access to stocks such as Tesla (NASDAQ: TSLA), Nvidia (NASDAQ: NVDA) and Apple (NASDAQ: AAPL)
- Kraken also just recently made major waves when they raised $800M USD in a new financing round led by Citadel Securities and confidentially filed to IPO onto a major stock exchange in the United States
