Backed Finance
Backed Finance AG is a Swiss tokenized securities issuer offering 1:1 backed xStocks (US equities and ETFs) across multiple blockchains, distributed through the xStocks Alliance of major crypto exchanges and DeFi protocols, now part of Kraken following its December 2025 acquisition.
- Company typePrivate
- Founded2021
- HeadquartersZug, Switzerland
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Backed Finance does
Backed Finance AG is a Swiss-incorporated tokenization issuer founded in 2021 in Zug, operating under the Swiss DLT Act regulatory framework. The company issues tokenized securities — initially bTokens and later the evolved xStocks line — that track the value of real-world assets such as US stocks and ETFs. Each token is 1:1 backed by the underlying security held by third-party licensed custodians (InCore Bank, Maerki Baumann), with Chainlink Proof of Reserve providing onchain verification of collateralization.
The technical platform spans more than eight blockchains (Ethereum, Solana, Polygon, BNB Smart Chain, Gnosis Chain, Avalanche, Base, Mantle), with xBridge (built with Chainlink) enabling cross-chain transfers that retain corporate actions such as dividends and stock splits. The xStocks product line reached over 60 tokenized equities and ETFs at launch and approximately 70+ following the xChange trading engine release in 2026. Distribution runs through the xStocks Alliance — Kraken, Bybit, Gate.io, and Bitget on the CEX side, plus Solana DeFi protocols (Jupiter, Kamino, Raydium), Aave, Morpho, Venus, and others.
Backed generates revenue through transaction fees on token issuance and redemption, professional services for institutional tokenization clients, and asset management offerings. GTM is hybrid: product-led through exchange distribution to qualified investors globally (excluding the US, UK, and Australia), and enterprise field sales to asset managers. In December 2025, Kraken (Payward) agreed to acquire Backed Finance AG, completing the integration by March 2026 to unify issuance, trading, and settlement of tokenized securities. As of early 2026, xStocks reported approximately $225M AUM, 80,000+ unique onchain holders, and $25B in cumulative transaction volume.
Backed Finance firmographics
Firmographics- Name
- Backed Finance
- Legal name
- Backed Finance AG
- Website
- https://backed.fi
- Company type
- Private
- Founded year
- 2021
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Backed Finance AG is a Swiss tokenized securities issuer offering 1:1 backed xStocks (US equities and ETFs) across multiple blockchains, distributed through the xStocks Alliance of major crypto exchanges and DeFi protocols, now part of Kraken following its December 2025 acquisition.
- Ownership category
- akta.pro rank
Backed Finance industry classification
Industry- Product category
- Tokenized Securities / Real-World Asset Tokenization
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Open-End Investment Funds (525910)
- SIC
- Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA)
- akta.pro secondary industries
- Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), Tokenization Platforms (RWA, Securities, Funds) (FSAGAMAA), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH), Interoperability & Integration Middleware (ERP/core banking connectors, messaging, APIs, cross-chain to permissioned) (FSAPAIAL)
Keywords
Where Backed Finance is headquartered
LocationHeadquarters
- HQ city
- Zug
- HQ country
- Switzerland
- HQ region
- Europe
Offices1 record
Markets served
Backed Finance business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Tokenization Services for Institutions: Backed generates revenue by providing tokenization infrastructure and services to asset managers and institutional clients, enabling them to issue tokenized versions of real-world assets on blockchain rails.
- xStocks Distribution: Revenue generated through the distribution of xStocks tokenized equities via partner exchanges and DeFi protocols, with each tokenized asset issued representing ownership of underlying securities.
- Asset Management Offerings: The company offers tokenization and asset management services within the blockchain space, having issued over $50 million in tokenized real-world assets.
Go-to-market motion2 records
Distribution channels7 records
Marketing channels6 records
Backed Finance product offering
Product offeringCore offering
Backed Finance issues blockchain-based tokenized securities (xStocks) that are 1:1 backed by underlying real-world assets such as stocks and ETFs, held by third-party licensed custodians. The company provides tokenization infrastructure enabling institutional clients and qualified investors to access tokenized US equities and ETFs across multiple blockchains (Ethereum, Solana, Polygon, BNB, Avalanche, Base, Mantle, Gnosis) with DeFi composability and Chainlink Proof of Reserve verification.
Product overview
Backed Finance operates a dual-product platform centered on xStocks and bTokens. xStocks represents the evolved flagship product - composable tokenized securities tracking stocks and ETFs across multiple blockchains, distributed through the xStocks Alliance (including Kraken, Bybit, Gate.io, Bitget, and Solana DeFi protocols). bTokens are the legacy tokenized securities that have been superseded by xStocks. Supporting infrastructure includes xBridge (cross-chain bridge between Solana and Ethereum) and the xStocks DeFi Dashboard for proof-of-reserves monitoring. All products are 1:1 backed by underlying assets held by third-party licensed custodians and issued under the Swiss DLT Act regulatory framework.
Differentiator
Problem solved
Functional benefit
Brands
- xStocks: Composable tokenized securities that track the value of RWAs such as Stocks and ETFs, powering a new age of decentralized finance. Built for decentralization with freely transferable tokens, DeFi composability, and multichain support.
- bTokens
Products and services
- xStocks Composable tokenized securities that track the value of real-world assets such as stocks and ETFs. Each token is 1:1 backed by the underlying asset held by third-party licensed custodians (InCore Bank, Maerki Baumann) and is freely transferable, DeFi-composable, and multichain. Built for qualified investors and distributed through partner exchanges and DeFi protocols.
- bTokens Earlier iteration of Backed's tokenized securities representing ownership of structured products (such as UCITS ETFs, US treasury bond ETFs, and equities) backed 1:1 by underlying assets. bTokens are being superseded by xStocks with greater liquidity and onchain utility, but remain in circulation across multiple blockchains.
- Institutional Tokenization Platform Tokenization infrastructure and services offered to asset managers and institutional clients, enabling compliant issuance of tokenized real-world assets (stocks, ETFs, bonds, funds) across multiple blockchains under the Swiss DLT Act regulatory framework.
- xChange Trading Engine Onchain trading engine facilitating 24/7 trading of xStocks tokenized equities across Ethereum and Solana networks, enabling fractional ownership and global accessibility for qualified investors.
Quantifiable outcome
- Backed products have processed over $10 billion in total volume as of 2025
- +2 more outcomes
Companies that use Backed Finance
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
Backed Finance technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature5 records
Backed Finance partnerships and signals
Strategic signalPartnerships
22 partnerships are on record, tiered core and minor.
- InCore BankcoreSwiss B2B transaction bank serving banks, securities firms, institutional investors, and fintech companies. Provides traditional and digital asset banking services. Serves as custodian for Backed's tokenized assets.
- ChainlinkcoreDecentralized oracle network providing secure and reliable data feeds and Proof of Reserve verification for Backed's tokenized assets. Enables trust-minimized collateralization verification.
- SolanacoreBlockchain platform using proof-of-stake mechanism providing smart contract functionality. Primary blockchain for xStocks SPL token deployment.
- Base (Coinbase)coreOptimistic rollup chain built by Coinbase, offering low-cost and developer-friendly environment. Backed issued first tokenized security on Base (bIB01).
- EthereumcoreDominant smart contract platform where Backed first built, maximizing DeFi ecosystem usability across ERC20 tokens.
- PolygoncoreLayer 2 scaling solution for Ethereum offering fast and affordable transactions while maintaining Ethereum dApp compatibility.
- KrakencoreWorld's longest-standing and secure crypto platform with over 200 digital assets traded globally. Primary distribution partner for xStocks, later acquiring Backed in December 2025.
- BybitcoreLeading cryptocurrency exchange offering comprehensive suite of crypto services for retail and institutional traders. xStocks listing partner.
- Gate.iominorTop 3 cryptocurrency exchange globally by trading volume, serving over 31 million users.
- BitgetminorWorld's leading cryptocurrency exchange and web3 company serving over 100 million users across 150+ countries.
- Kamino FinanceminorDeFi protocol unifying lending, liquidity, and leverage. Integrates xStocks for users to borrow and lend assets and use concentrated liquidity positions as collateral.
- Jupiter ExchangeminorDecentralized swap aggregator built on Solana blockchain routing trades across multiple DEXs with minimal slippage.
- MorphominorPermissionless and trustless lending market operating MorphoBlue. Enabled PayPal's PYUSD to get DeFi yield powered by Backed's RWAs.
- AaveminorOpen source protocol to create non-custodial liquidity markets for earning interest on supplying and borrowing assets.
- AsseteraminorOne of the first regulated digital securities trading venues in EU/EEA, enabling 24/7 blockchain-based trading of traditional securities using atomic swaps.
- INXminorAll-in-one digital asset listing and trading platform offering regulated security tokens and cryptocurrencies to institutional and retail investors.
- Alchemy PayminorPayment gateway connecting crypto with traditional fiat currencies, supporting payments in 173 countries. Member of xStocks Alliance.
- eNor SecuritiesminorRegulated investment exchange and marketplace for tokenized assets in Latin America, enabling Backed's RWAs to be offered to retail investors in LATAM.
- LiskminorLayer 2 blockchain dedicated to bringing Web3 adoption in emerging markets back to Ethereum, partnering for RWA adoption and financial inclusion.
- Sonic LabsminorHigh-speed layer-1 EVM-compatible blockchain. Backed partnered with Sonic and Chainlink for landmark fund tokenization with Fortlake.
- Tokenized Asset CoalitionminorCoalition founded by Aave Companies, Base, Centrifuge, Circle, Coinbase, Credix, Goldfinch and RWA.xyz aiming to bring the next trillion dollars of assets on-chain.
- MLL LegalminorLeading Swiss law firm with history dating back to 1885, experts in high-tech, innovative and regulated sectors.
Scale indicators9 records
Recent moves10 records
Expansion highlights6 records
Backed Finance competitors and assessment
Company assessmentDirect peers
- Securitize: Securitize is a tokenization platform that issues and manages digital securities, including tokenized funds and equities, with similar regulatory and compliance infrastructure to Backed. Both serve institutional asset managers seeking compliant on-chain issuance.
- Ondo Finance: Ondo Finance issues tokenized real-world assets, particularly tokenized US Treasuries and structured products. It competes directly with Backed's bTokens/xStocks in the compliant tokenized securities category.
- 21Shares: 21Shares issues crypto exchange-traded products and structured products tracking real-world assets. Backed's CTO previously led 21Shares, and both target the bridge between traditional finance assets and on-chain distribution.
- Centrifuge: Centrifuge is a tokenization platform focused on real-world assets, particularly private credit and trade finance, integrated into DeFi. It overlaps with Backed's RWA issuance and DeFi composability thesis.
- Tokeny: Tokeny provides tokenization infrastructure and compliance tools for issuing and managing digital securities, targeting financial institutions. It is comparable to Backed's institutional tokenization services.
- tZERO: tZERO operates a regulated security token trading platform and tokenization infrastructure for private and public securities. It is comparable to Backed's regulated tokenized equity issuance and trading model.
Emerging players
- Maple Finance: Maple Finance is a decentralized credit marketplace tokenizing private loan assets. While focused on credit rather than equities, it shares Backed's RWA tokenization and DeFi integration model.
- Swarm Markets: Swarm Markets is a regulated tokenized securities exchange for trading tokenized real-world assets including equities. Comparable to Backed's regulated distribution angle for tokenized stocks.
- Polymesh: Polymesh is a purpose-built institutional blockchain for security tokens and regulated assets. While infrastructure-focused rather than issuer-focused, it overlaps with Backed's regulated tokenization infrastructure stack.
- Plume Network: Plume is an L2 blockchain purpose-built for real-world asset tokenization. While infrastructure-focused, it overlaps with Backed's RWA focus and serves similar institutional issuers looking for compliant on-chain rails.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Backed Finance social profiles
Digital presenceBacked Finance compliance and trust
Trust signalCompliance1 record
Backed Finance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Backed Finance leadership team
Management profileNumber of profiles
Profiles8 records
Backed Finance subsidiaries and ownership
Company hierarchySubsidiaries2 records
Backed Finance funding detail
Funding detailFunding overview
Funding rounds3 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Backed Finance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Backed Finance
What does Backed Finance do?
Backed Finance issues blockchain-based tokenized securities (xStocks) that are 1:1 backed by underlying real-world assets such as stocks and ETFs, held by third-party licensed custodians. The company provides tokenization infrastructure enabling institutional clients and qualified investors to access tokenized US equities and ETFs across multiple blockchains (Ethereum, Solana, Polygon, BNB, Avalanche, Base, Mantle, Gnosis) with DeFi composability and Chainlink Proof of Reserve verification.
Is Backed Finance a public or private company?
Backed Finance is a private company. It is classified as corporate owned and is currently acquired.
When was Backed Finance founded?
Backed Finance was founded in 2021. It employs 11 to 50 people.
Where is Backed Finance based?
Backed Finance is headquartered in Zug, Switzerland, in the Europe region.
How does Backed Finance make money?
Three revenue lines are on record. Tokenization Services for Institutions are the primary driver. The others are xStocks Distribution and asset Management Offerings.
Who are Backed Finance's main competitors?
Direct peers on record are Securitize, Ondo Finance, 21Shares, Centrifuge, Tokeny and tZERO. Emerging players are Maple Finance, Swarm Markets, Polymesh and Plume Network.
Does Backed Finance have an API?
No public API is recorded for Backed Finance.
What industry is Backed Finance in?
Backed Finance's product category is Tokenized Securities / Real-World Asset Tokenization. Its primary akta.pro industry code is FSADAEAA, Tokenized Securities & Capital Markets (Equity, Debt, Funds), with a secondary code of FSAPAIAD, Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity). Its NAICS code is 5231 and its SIC code is 6199.