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Kraken said it will acquire Swiss startup Backed Finance to expand its tokenized asset offerings, including stocks and ETFs, as crypto firms ramp up efforts to bring real-world assets (RWAs) onchain.

Bank of America will allow its wealth advisers to recommend a small allocation to bitcoin for the first time.

BNP Paribas has joined a consortium of 10 European banks forming Qivalis, a joint venture to launch a euro-backed stablecoin by late 2026.

Top stories in the Crypto Roundup today:

• Kraken to Acquire Tokenization Firm Backed Finance
• Bank of America to Let Wealth Advisers Recommend Up to 4% Bitcoin Allocation
• BNP Paribas Joins European Stablecoin Venture Backed by 10 Banks

Kraken to Acquire Tokenization Firm Backed Finance

Kraken said it will acquire Swiss startup Backed Finance to expand its tokenized asset offerings, including stocks and ETFs, as crypto firms ramp up efforts to bring real-world assets (RWAs) onchain.

The two firms partnered earlier this year on xStocks, a platform offering tokenized equities. Since launch, xStocks has issued over $170 million in tokenized shares and recorded $2.3 billion in trading volume.

The deal comes as Kraken prepares to go public and builds out its trading capabilities. It recently raised $800 million at a $20 billion valuation and acquired several firms, including NinjaTrader and Small Exchange.

Tokenizing assets like stocks aims to streamline settlement and enable 24/7 trading. A report from Ripple and BCG projects the RWA market will grow to $18 trillion by 2033.

Bank of America to Let Wealth Advisers Recommend Up to 4% Bitcoin Allocation

Bank of America will allow its wealth advisers to recommend a small allocation to bitcoin for the first time.

Starting in January, advisers at Bank of America and Merrill Lynch can suggest clients allocate 1% to 4% of their portfolios to crypto, initially through four spot bitcoin ETFs: BlackRock’s IBIT, Fidelity’s FBTC, Bitwise’s BITB and Grayscale’s BTC.

Until now, advisers could only respond to client requests for crypto access, but not actively recommend it.

The move comes just hours after Vanguard announced its own policy reversal, allowing its clients access to crypto ETFs for the first time. Together, the two decisions suggest widening institutional acceptance of digital assets and increase pressure on remaining holdouts like Wells Fargo and Goldman Sachs.

Chris Hyzy, chief investment officer at Bank of America Private Bank, framed the new policy as suitable for clients “comfortable with elevated volatility,” with the higher end of the allocation range reserved for those with greater risk tolerance.

The decision brings Bank of America into alignment with peers like BlackRock and Morgan Stanley, as traditional financial institutions continue to fold crypto into mainstream portfolios.

BNP Paribas Joins European Stablecoin Venture Backed by 10 Banks

BNP Paribas has joined a consortium of 10 European banks forming Qivalis, a joint venture to launch a euro-backed stablecoin by late 2026.

Based in Amsterdam, Qivalis aims to create a blockchain-native payment system for corporate use, compliant with the EU’s MiCA regulations. The group has applied for an electronic money license from the Dutch Central Bank.

Qivalis will be led by Jan-Oliver Sell, formerly of Coinbase Germany. The venture positions itself as a European alternative to U.S. dollar-pegged stablecoins like USDT and USDC, which dominate the $300 billion market.

Euro-denominated stablecoins currently trail far behind, with Circle’s EURC leading at $330 million in circulation.

State of the Crypto by Top Tier Exchange Volume

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