Kraken, the third-largest centralized exchange (CEX) by volume in the United States, announced today the acquisition of Backed Finance to further develop its tokenized stock offering.

The move will bolster Kraken’s tokenized equity platform, xStocks, which crossed the $10 billion total trading volume threshold in November.

“Bringing Backed fully into our ecosystem also allows greater alignment on strategy and investment priorities, unlocking the full economic potential of xStocks,” Kraken said in a blog post.

To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io