According to the source, Kraken said it will acquire Backed Finance AG to advance its tokenization strategy, with the deal publicly announced by the company (source: Kraken). Backed Finance states it issues tokenized securities, including tokenized funds and bonds, on public blockchains such as Ethereum under Swiss regulatory frameworks (source: Backed Finance). Because these products are issued on Ethereum where ETH is used to pay transaction fees, the move aligns directly with ETH-linked on-chain RWA activity that traders track for liquidity and listing developments (sources: Backed Finance; Ethereum Foundation).

According to the source, Kraken plans to acquire tokenization platform Backed Finance, pointing to an exchange push into real-world asset (RWA) products that run largely on Ethereum. Source: X post https://twitter.com/DecryptMedia/status/1995988676015267881 Backed Finance issues tokenized securities linked to traditional assets on public blockchains, a core driver of the RWA narrative that can influence ETH-based activity and listings pipelines on major venues. Source: Backed Finance official site https://backed.fi For traders, a completed deal would make Kraken a higher-probability venue for RWA listings and custody flows, warranting monitoring of ETH spot-liquidity, on-chain RWA token volumes, and any exchange announcements on product integrations or listings timelines. Source: X post https://twitter.com/DecryptMedia/status/1995988676015267881; Backed Finance official site https://backed.fi

According to the source, Kraken acquired Small Exchange for $100M to launch a regulated derivatives trading platform in the United States, as stated in an X post dated Oct 16, 2025. The source did not disclose product scope, launch timing, or regulatory approvals in the post.