At the Solana Breakpoint conference in Abu Dhabi, Kraken Global Head of Consumer Mark Greenberg outlined the company’s latest strategic move as tokenized assets gain momentum across global markets. Kraken, one of the world’s largest cryptocurrency exchanges, has agreed to acquire Backed Finance, the issuer behind the rapidly growing xStocks platform. The acquisition signals Kraken’s deepening commitment to tokenized equities as demand accelerates among retail and institutional investors alike.
xStocks has quickly emerged as a major force in tokenized securities, surpassing $12 billion in total trading volume. According to Greenberg, nearly $2 billion of that activity has taken place on-chain in just 135 days since launch. The platform’s core objective is to simplify equity trading by making it as accessible as cryptocurrency trading. Tokenized equities on xStocks provide permissionless, round-the-clock global access, allowing users to trade equities 24/7 across multiple marketplaces, including integrations within the Telegram app in regions such as Uzbekistan, South America, and Europe.
Kraken’s acquisition of Backed Finance reflects a broader strategy focused on scalability and product innovation. Greenberg emphasized that the deal is designed to strengthen Kraken’s position in tokenized securities while expanding functionality for users. With more than 80,000 wallets already participating, the combined ecosystem is expected to unlock additional use cases, including using tokenized equities as collateral, participating in lending markets, and earning yield on-chain.
Beyond tokenized equities, Kraken is also expanding its presence in consumer payments. The company recently launched the Krak Card, a multi-asset payment product now available across the UK and EU. The Krak Card enables users to spend fiat, stablecoins, and cryptocurrencies seamlessly in everyday transactions. Greenberg described the product as an early step toward a future where any asset can function as money, reshaping how users interact with their financial portfolios.
Looking ahead to 2026, Greenberg expects tokenization to become a core focus for investors as the divide between on-chain and off-chain markets continues to narrow. The convergence of traditional finance and decentralized finance is expected to create more efficient capital flows and new market structures. Greenberg anticipates a future where crypto assets become routine components of the financial system, reducing the relevance of distinctions between digital and traditional assets as interoperability improves across markets.
In summary, Kraken’s acquisition of Backed Finance and the expansion of products like the Krak Card underscore the accelerating shift toward tokenized finance. As blockchain adoption advances, tokenized equities, digital payments, and decentralized infrastructure are reshaping how capital moves globally. These developments not only enhance financial access and efficiency but also open new pathways for sustainable finance and innovation, aligning with broader global efforts to modernize financial systems.