Core Viewpoint - Kraken is acquiring Backed Finance to enhance its offerings in tokenized assets, aligning with a growing trend in the crypto industry to bring real-world assets on-chain, with the market projected to reach trillions of dollars in the next decade [1][4]. Company Summary - Kraken has been actively acquiring companies as it prepares for a public offering, including NinjaTrader for $1.5 billion, Small Exchange for $100 million, and a proprietary trading firm, Breakout [2]. - The recent fundraising round raised $800 million, valuing Kraken at $20 billion [2]. Industry Summary - The integration of Backed Finance into Kraken is aimed at strengthening the infrastructure for open and programmable capital markets, ensuring transparency and reliability for tokenized assets [3]. - The tokenization trend is gaining momentum as both crypto firms and traditional asset managers move real-world assets onto blockchain, seeking operational efficiencies and broader distribution, with the market expected to be worth $18 trillion by 2033 [4].