Backed Finance AG is a fintech firm based in Zug that backed finance ag is a swiss company based in zug that issues tokenized securities. it is the issuer behind xstocks, tokenized versions of u.s. equities and etfs that are backed 1:1 by the underlying assets and traded on public blockchains including solana and ethereum. the firm was founded in 2021 and chose switzerland for a legal framework that permits freely transferable tokenized stocks without whitelisting. xstocks launched on june 30 2025 and offers more than 60 tokenized products with continuous trading. in december 2025 kraken agreed to acquire backed finance ag to bring xstocks issuance in-house. the company is a core provider in the tokenized-equities and real-world-asset market. They serve clients in Switzerland, European Union, Jersey. Regulatory expertise includes EU Prospectus Regulation, Swiss DLT Act. Backed Finance AG is listed on The Token Playbook's vetted provider registry at thetokenplaybook.com/registry/backed-finance-ag.