According to the source, Kraken said it will acquire Backed Finance AG to advance its tokenization strategy, with the deal publicly announced by the company (source: Kraken). Backed Finance states it issues tokenized securities, including tokenized funds and bonds, on public blockchains such as Ethereum under Swiss regulatory frameworks (source: Backed Finance). Because these products are issued on Ethereum where ETH is used to pay transaction fees, the move aligns directly with ETH-linked on-chain RWA activity that traders track for liquidity and listing developments (sources: Backed Finance; Ethereum Foundation).