xStocks launch on Ethereum

We’re excited to announce the next major step in the rapid growth of xStocks , the industry’s gold standard for tokenized ￰1￱ partnership with Backed, Kraken is bringing xStocks to the Ethereum blockchain, unlocking a new wave of opportunities for tokenized stocks and ETFs to be integrated across the world’s most widely adopted smart contract ￰2￱ Ethereum makes sense for tokenized equities Ethereum’s vibrant developer community, deep liquidity and global user base make it a natural home for the next phase of xStocks’ ￰3￱ extending Kraken’s support of xStocks to Ethereum, we’re enabling millions of Ethereum users and thousands of live applications to source the industry standard for tokenized equities ￰4￱ the coming weeks, eligible Kraken clients will be able to deposit and withdraw xStocks directly on Ethereum, providing investors greater choice and flexibility to transfer assets between the Kraken platform and self-custodial wallets for on-chain ￰5￱ part of the integration, Backed will issue xStocks as ERC-20 tokens on Ethereum, ensuring full 1:1 collateralization for every tokenized equity listed on Kraken’s ￰6￱ ecosystem partners will also work to expand xStocks integrations across DeFi protocols, wallets and dApps — bringing tokenized equities into one of the largest and most innovative communities in ￰7￱ access and flexibility for investors Arjun Sethi, Kraken co-CEO : “xStocks is a core part of our vision to bring traditional assets onto trust-minimized infrastructure and integrate public markets into the internet’s base ￰8￱ multi-chain strategy is ￰9￱ ensures tokenized equities are accessible across ecosystems, portable between wallets and protocols, and composable within the applications users already trust.” “Ethereum is the next logical ￰10￱ is the center of gravity for smart contract innovation, on-chain liquidity and decentralized ￰11￱ launching xStocks on Ethereum, we are making tokenized equities programmable, interoperable and continuously accessible to builders and institutions ￰12￱ is not just about product ￰13￱ is about anchoring capital markets to the most secure and transparent rails available.” Roberto Klein, Backed’s co-founder : “Through the expansion of xStocks to Ethereum Mainnet, xStocks tap into the largest pool of on-chain liquidity and connect to the most well-established DeFi protocols in the ￰14￱ are designed for ￰15￱ look forward to working with these teams and developing xStocks to their full potential.” The road ahead for xStocks Bringing xStocks to Ethereum continues our mission to bring traditional equities on-chain and open access to capital markets ￰16￱ already launched xStocks to Kraken clients via Solana — and following recent announcements of upcoming integrations with BNB chain and the TRON network — xStocks have quickly become established as the global standard for tokenized equities.

Today, xStocks are available to Kraken clients in over 140 countries, as well as users of many competing centralized exchanges, decentralized exchanges and self-custodial ￰17￱ launching in late June, xStocks has already eclipsed $3.5 billion in combined CEX and DEX volume, a clear signal of both market demand for this asset class and xStocks’ leading category ￰18￱ multi-chain strategy for xStocks is rooted in a simple belief: tokenized equities should be open, permissionless and interoperable across ecosystems – giving users the freedom to access markets on the platforms and applications they trust ￰19￱ the weeks ahead, we’ll continue working with Backed and leading crypto communities to expand access to xStocks, bringing the future of tokenized equities to more users, builders and markets across the ￰20￱ xStocks on Kraken xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd.

(“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary ￰21￱ are not nor will be registered with any local securities ￰22￱ (Kraken) does not provide investment advice and/or recommendations, and, no communication, through any Kraken App or website or otherwise, should be construed as ￰23￱ investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax ￰24￱ in xStocks involves an element of ￰25￱ value of an investment may go down as well as up, and past performance is not a reliable indicator of future ￰26￱ available in the ￰27￱ to ￰28￱ restrictions ￰29￱ Kraken’s xStocks Risk Disclosure at ￰30￱ as well as the Base Prospectus and related Final Terms for xStocks at ￰0￱ to learn more.