Backed Finance

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.

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

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

• Tokenized securities
• Real-world asset tokenization
• Blockchain financial infrastructure
• Security token issuance
• DeFi composable assets

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. 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.
2. 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.
3. 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

Core 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

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature5 records

Partnerships

22 partnerships are on record, tiered core and minor.

• InCore BankcoreTechnology or IntegrationSwiss 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.
• ChainlinkcoreTechnology or IntegrationDecentralized oracle network providing secure and reliable data feeds and Proof of Reserve verification for Backed's tokenized assets. Enables trust-minimized collateralization verification.
• SolanacoreTechnology or IntegrationBlockchain platform using proof-of-stake mechanism providing smart contract functionality. Primary blockchain for xStocks SPL token deployment.
• Base (Coinbase)coreTechnology or IntegrationOptimistic rollup chain built by Coinbase, offering low-cost and developer-friendly environment. Backed issued first tokenized security on Base (bIB01).
• EthereumcoreTechnology or IntegrationDominant smart contract platform where Backed first built, maximizing DeFi ecosystem usability across ERC20 tokens.
• PolygoncoreTechnology or IntegrationLayer 2 scaling solution for Ethereum offering fast and affordable transactions while maintaining Ethereum dApp compatibility.
• KrakencoreChannel Partner/ Reseller/ DistributorWorld'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.
• BybitcoreChannel Partner/ Reseller/ DistributorLeading cryptocurrency exchange offering comprehensive suite of crypto services for retail and institutional traders. xStocks listing partner.
• Gate.iominorChannel Partner/ Reseller/ DistributorTop 3 cryptocurrency exchange globally by trading volume, serving over 31 million users.
• BitgetminorChannel Partner/ Reseller/ DistributorWorld's leading cryptocurrency exchange and web3 company serving over 100 million users across 150+ countries.
• Kamino FinanceminorChannel Partner/ Reseller/ DistributorDeFi protocol unifying lending, liquidity, and leverage. Integrates xStocks for users to borrow and lend assets and use concentrated liquidity positions as collateral.
• Jupiter ExchangeminorChannel Partner/ Reseller/ DistributorDecentralized swap aggregator built on Solana blockchain routing trades across multiple DEXs with minimal slippage.
• MorphominorChannel Partner/ Reseller/ DistributorPermissionless and trustless lending market operating MorphoBlue. Enabled PayPal's PYUSD to get DeFi yield powered by Backed's RWAs.
• AaveminorChannel Partner/ Reseller/ DistributorOpen source protocol to create non-custodial liquidity markets for earning interest on supplying and borrowing assets.
• AsseteraminorChannel Partner/ Reseller/ DistributorOne of the first regulated digital securities trading venues in EU/EEA, enabling 24/7 blockchain-based trading of traditional securities using atomic swaps.
• INXminorChannel Partner/ Reseller/ DistributorAll-in-one digital asset listing and trading platform offering regulated security tokens and cryptocurrencies to institutional and retail investors.
• Alchemy PayminorChannel Partner/ Reseller/ DistributorPayment gateway connecting crypto with traditional fiat currencies, supporting payments in 173 countries. Member of xStocks Alliance.
• eNor SecuritiesminorChannel Partner/ Reseller/ DistributorRegulated investment exchange and marketplace for tokenized assets in Latin America, enabling Backed's RWAs to be offered to retail investors in LATAM.
• LiskminorStrategic or Co-development PartnerLayer 2 blockchain dedicated to bringing Web3 adoption in emerging markets back to Ethereum, partnering for RWA adoption and financial inclusion.
• Sonic LabsminorStrategic or Co-development PartnerHigh-speed layer-1 EVM-compatible blockchain. Backed partnered with Sonic and Chainlink for landmark fund tokenization with Fortlake.
• Tokenized Asset CoalitionminorStrategic or Co-development PartnerCoalition 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 LegalminorOthersLeading 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

Direct 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

• Xx.com/BackedFi
• LinkedInlinkedin.com/company/backed-finance

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Backed Finance