06 January 2026

Deal Announcement: Kraken

  • Deals
  • Legal
  • Transactions / M&A

MME to advise Kraken on the acquisition of Backed Finance

Kraken, a US-based cryptocurrency exchange founded in 2011, has acquired Backed Finance, the developer of xStocks, a platform enabling compliant, freely transferable, 1:1-collateralized tokenized equities and ETFs across major blockchain ecosystems. The acquisition strengthens Kraken’s tokenized asset leadership and marks a key milestone toward making global capital markets open, accessible and borderless.

MME advised Kraken on all Swiss law related aspects of the transaction. The team was co-led by Alex Enzler (Partner, Corporate/M&A) and Ronald Kogens (Partner, FinTech) and further included Christoph Nater (Partner, Real Estate), Martina Aepli (Partner, Employment), Luca Hitz (Partner, IP/IT), Philipp Stadler (Senior Associate, IP/IT), Corina Noventa (Senior Associate, Real Estate), Fernando Tafur (Senior Associate, FinTech), Stephan Greber (Senior Associate, Corporate/M&A), Anna Schweizer (Associate, FinTech) and Noëlle Glaus (Associate, IP/IT). US law firm Jones Day under the lead of Cameron Reese and Anna Kukharenok acted as Kraken’s lead counsel on the transaction.

For more information see: Kraken to acquire Backed, accelerating xStocks expansion and unlocking global demand for tokenized equities - Kraken Blog Kraken Blog
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