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Kraken acquires Backed Finance

December 2025

Client(s) Payward, Inc. (d/b/a Kraken)

Jones Day is advising Payward, Inc. (d/b/a Kraken) in the acquisition of Backed Finance AG, the developer of xStocks, a platform enabling compliant, freely transferable, 1:1-collateralized tokenized equities and ETFs across major blockchain ecosystems.

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