Backed Finance AG

Backed Finance is a Swiss startup founded in 2021 that bridges real-world assets to the blockchain through tokenized securities. The company issues ERC-20 tokens that track the value of publicly traded stocks and ETFs, marketed under the xStocks and bTokens product lines. In December 2025, Backed was acquired by Kraken, marking a significant milestone in the tokenized equities industry.

Core Products and Services

Backed's flagship product line is xStocks - tokenized stocks and ETFs that are fully collateralized, freely transferable, and composable with DeFi protocols. With over 60 tokenized assets available at launch (including Apple, Tesla, NVIDIA, S&P 500, and more), xStocks achieved rapid adoption with 84,000+ holders, $12 billion in total trading volume, and $175 million in assets under management. Each xStock is 1:1 backed by the underlying security held by third-party licensed custodians, making them redeemable for the underlying asset's cash value.

bTokens represent Backed's broader tokenized structured products that track other real-world assets beyond individual stocks, primarily ETFs and diversified portfolios. Like xStocks, these are issued in compliance with the Swiss DLT Act.

The Backed Platform provides institutional infrastructure for onboarding, managing, and redeeming tokenized assets, serving qualified investors and professional clients under EU/Swiss regulatory frameworks.

DeFi Dashboards for both xStocks and bTokens provide transparency through proof-of-reserves, bridge information, product performance metrics, and real-time analytics for users across centralized and decentralized venues.

Key Strengths

Backed distinguishes itself through regulatory compliance (Swiss DLT Act, EU Prospectus Regulation), multichain support (Ethereum, Solana, Polygon, Arbitrum, Base, BNB Chain, Gnosis, Avalanche, Sonic), and deep DeFi composability. xStocks are designed to be freely transferable - users can hold them in self-custody wallets, use them as collateral in lending protocols like Aave and Kamino, trade them on DEXs like Jupiter and Raydium, or access them through centralized exchanges like Kraken, Bybit, and Gate.io.

The company built strong partnerships with leading blockchain infrastructure providers including Chainlink (oracle services), Circle (stablecoin infrastructure), and major custodians like InCore Bank AG. Their focus on institutional-grade security combined with retail accessibility has positioned them as industry leaders in tokenized equities.

The xStocks Alliance

Backed established the xStocks Alliance - a coalition of centralized exchanges, DeFi protocols, blockchain networks, and service providers committed to making tokenized equities the industry standard. Alliance members include Kraken, Bybit, Solana, Jupiter, Kamino, Phantom, Chainlink, and dozens of other key ecosystem partners.

Notable Achievements

Since launching xStocks in early 2025, Backed experienced exponential growth: holders increased tenfold to 84,000+, daily transaction volume exceeded $30 million, total volume crossed $12 billion, and AUM reached $175 million. This validated their vision of 24/7 global equity markets on open blockchain rails.

Why Choose Backed Finance

For institutional investors and DeFi protocols, Backed offers regulatory-compliant tokenized securities that solve critical pain points in traditional markets: 24/7 availability (vs. market hours only), instant settlement (vs. T+2), global accessibility (vs. geographic restrictions), and composability with DeFi infrastructure. Following the Kraken acquisition, Backed's platform will scale to millions of users while maintaining its mission to make financial assets open, efficient, and accessible to everyone.