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Kraken to acquire Backed Finance to bolster tokenization strategy
Kraken, a regulated cryptocurrency exchange, announced the acquisition of Backed Finance, a provider of tokenization solutions that converts traditional assets like stocks into digital tokens. The move would strengthen Kraken’s strategy to become an on-chain venue for tokenized assets and institutional services. The deal expands Kraken’s tokenization capabilities as the exchange positions itself to bridge crypto with traditional finance. The company currently provides stocks and ETFs issued by Backed and, according to Co-CEO Arjun Sethi, plans to integrate them more fully into its platform. Kraken has been ... (full story)
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