Kraken Moves Deeper Into Tokenized Equities With Backed Finance Acquisition

Kraken is making a major push into the tokenization market with its agreement to acquire Backed Finance, the company behind the xStocks product line.

This move gives Kraken full control over a growing category of tokenized equities and positions the exchange for rapid expansion as it prepares for a public listing.

 

A Strategic Acquisition With Clear Intent

Backed Finance specializes in issuing tokens tied to real world assets, mainly public company stocks and ETFs. These assets are backed by real shares held in custody, allowing users to hold digital representations of traditional securities inside a blockchain environment.

By bringing Backed Finance in house, Kraken gains control over the entire tokenization stack. Issuance, collateral, custody, compliance, and product architecture will all operate under one roof. This eliminates reliance on an external provider and strengthens Kraken’s ability to innovate and scale. The exchange has been building aggressively in Europe and other global markets, and the acquisition aligns with its larger ambition to make tokenized securities a core part of its ecosystem.

 

Why Kraken Is Doubling Down on Tokenization

Tokenized assets have gained momentum as traders and institutions look for a more flexible way to access traditional financial instruments. The benefit is simple. Stocks can be traded on chain, around the clock, with global reach and fewer barriers.

Kraken’s recent capital raise brought its valuation to roughly twenty billion dollars. The company has been preparing for a public offering targeted for 2026, and expanding into real world asset tokenization helps diversify its revenue streams before going public. Backed Finance already holds meaningful market share in the tokenized equity space, which gives Kraken a strong foundation to build on.

The acquisition formalizes a partnership Kraken has spent the past year expanding. Backed has powered xStocks since launch, supporting products that have now generated more than $5 billion in cumulative trading volume on Kraken. 

 

The Broader Market Context

Interest in real world asset tokenization has surged through 2025, but the sector still faces challenges. Liquidity varies widely across tokenized securities. Some assets trade actively, while others see thin volume. This raises questions about whether tokenization alone can deliver deeper markets.

Regulatory frameworks are also evolving. Tokenized shares do not always offer the same rights as traditional equities, such as voting or regular dividend distribution. As more platforms introduce tokenized stocks, market fragmentation becomes a risk, since liquidity can spread across multiple chains and issuers.

These challenges do not diminish the potential, but they highlight the need for stronger standards, clearer rules, and well capitalized issuers.

 

What This Means for the Future

Kraken’s acquisition signals that tokenized equities are becoming a long term strategic priority rather than a side experiment. If successful, Kraken could set the standard for a hybrid financial model where traditional assets move seamlessly across blockchain infrastructure.

BlackRock executives Larry Fink and Rob Goldstein recently said tokenization could reshape financial markets as profoundly as the early internet reshaped information.

Kraken's users may gain access to more global equities, greater flexibility, fractional ownership, and always available markets. Institutions may find a more programmable way to issue and settle securities. The industry may see a blueprint for bridging regulated markets with decentralized technology.

 

The path will not be simple. Liquidity, compliance, and investor protections will remain central areas of focus. However, Kraken’s move shows that major players believe the future of equities includes both traditional exchanges and blockchain based markets working together.

 

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Coinbase has officially placed BNB (Binance Chain’s native token) onto its asset roadmap, signaling that a future listing is under consideration. At the same time, the exchange is caught in a growing industry dispute over whether centralized exchanges charge hidden listing fees—despite public claims of fee-free listings.

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What Coinbase’s BNB Addition Means

Coinbase’s new roadmap entry for BNB suggests the exchange is shifting closer to the Binance ecosystem, expanding cross-chain asset access. The move aligns with Coinbase’s recent “Blue Carpet” listing framework, which aims for more transparent, merit-based asset onboarding.

BNB’s inclusion may also bring fresh trading volume, liquidity, and user demand to Coinbase, especially as institutional and retail interest in chain interoperability continues to rise.

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The Listing Fee Controversy

Despite Coinbase’s assertion that token listings are free, several industry figures have challenged that statement. Andre Cronje of Sonic Labs claims his projects were quoted tens to hundreds of millions in “listing or financing demands” from Coinbase. In contrast, Binance has been accused less frequently, with some claiming it imposes zero fees for listings.

These conflicting perspectives have ignited a broader debate: are “free listings” just marketing, or is there a real cost — whether in tokens, “marketing support,” or required deposits — behind the scenes?

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Coinbase’s Transparency Push

To address concerns, Coinbase recently published a public listing roadmap that clarifies which assets are under review, which criteria apply, and how decisions are made. This framework aims to reduce speculation, discourage insider leaks, and bring more fairness to the listing process.

Still, critics argue the roadmap’s existence does not guarantee uniform treatment. Smaller or newer projects may struggle to meet the high compliance and technical bar, regardless of the stated transparency.

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Why This Matters

• Cross-chain growth: Listing BNB could accelerate bridging, utility, and user migration across Binance and Ethereum ecosystems.

• Market dynamics: BNB’s arrival at Coinbase may shift liquidity, trading pairs, and user behavior.

• Industry pressure: The listing fee row places exchanges under scrutiny to improve accountability.

• Competitive signaling: Coinbase’s roadmap and listing decisions may push competitors to match transparency or reevaluate fee policies.

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Bottom Line

 

Coinbase’s decision to consider BNB for listing is a bold strategic move in the evolving crypto landscape. But more than that, it surfaces tension between public claims and hidden practices in how exchanges decide which assets to support. Transparency, equity, and market access are back in the spotlight — and Coinbase’s actions now will shape how the next wave of token listings is handled.