Dilmun Leach
Partner, Walkers (CI) LP
Jersey
We are delighted to have acted for Backed Finance AG (Backed) in connection with its acquisition by Kraken, one of the world’s longest-standing crypto platforms.
Kraken is trusted by millions of institutions, professional traders and consumers across the world. Their platform is one of the fastest, most liquid, and performant available, offering trading in over 500 different crypto assets and six national fiat currencies via its suite of products.
As part of the deal, Kraken acquired Backed Assets (JE) Limited – Jersey’s first tokenised assets issuer, which we advised on at launch, as part of the crypto platform's broader expansion into the tokenised assets space.
Both Backed and Kraken have played key roles in developing and scaling the popular xStocks product. Recently xStocks surpassed over $10 billion in combined exchange and onchain trading volume, just six months after public launch, showcasing rapid adoption for interoperable tokenised equities. The acquisition enables Backed and xStocks to leverage Kraken’s operational scale and financial strength to further accelerate the growth of the xStocks ecosystem, and will empower Kraken with proven infrastructure in compliant tokenised assets.
Our Jersey-based team was led by Investment Funds & Corporate partner Dilmun Leach, supported by senior counsel Sarah Townsend and senior associate Ellen Jarvis, with Regulatory & Risk Advisory senior associate Metumo Shilongo also advising.
Dilmun said: 'We are delighted to have acted on this significant transaction and to see Backed's partnership with Kraken go from strength to strength. This deal is a positive development for Jersey’s fintech sector and reinforces the jurisdiction’s reputation for innovation in digital assets.'
Roberto Klein, co-founder of Backed, commented: 'We are really excited about the future as we join forces with Kraken. As always, the Walkers team provided us with excellent legal support, helping our business as it enters this next stage of growth.'
Our market-leading fintech team, ranked Band 1 in the Chambers fintech guide, has a strong track record in first-of-a-kind transactions and delivers pragmatic, commercial solutions through a cross-practice approach to help clients achieve their ambitions.
