Nonce Classic exits Backed Finance investment following Kraken acquisition

Web3 accelerator Nonce Classic has successfully exited its investment in portfolio company Backed Finance following its acquisition by crypto exchange Kraken, News1 reported. Nonce Classic participated in Backed Finance's Series A funding round late last year. Backed Finance is the issuer of xStocks, tokenized versions of U.S. stocks and exchange-traded funds (ETFs). The tokens, which represent shares in companies like Apple and Tesla, are backed 1:1 by the underlying assets, which are managed through regulated financial institutions, including Swiss banks.