Payward, Kraken’s parent company, is partnering with the London Stock Exchange (LSE) to enable tokenized stocks. In a post on X, Payward said it would modernize UK equity markets by working with the LSE.
“[The] LSE plans to list the full xStocks suite on LSE 24, subject to regulatory approval. In the coming weeks, the 100 largest London-listed companies will also be tokenized as xStocks. Tradable around the clock, available in 110+ countries, 1:1 backed.”
xStocks is one of Payward’s services.
The LSE will utilize the xStocks suite of services on its LSE 24 Venue as xStocks expands its offering beyond US equities and ETFs.
The project will connect traditional UK equity markets with programmable blockchain infrastructure.
Tokenized shares will first focus on the 100 largest London-listed companies. The shares are 1:1-backed and issued by a Jersey entity.
Payward and the LSE intend to pursue natively issued tokenized shares but would need regulatory clarity from the FCA.
xStocks called the move only the first steps, stating:
“Adding London-listed equities will bring one of the world’s largest public markets into the xStocks framework, giving UK-listed companies a new global distribution channel.”
xStocks reports over $35 billion in volume globally.
