Payward Tokenizes 100 London-Listed Stocks as xStocks, Expands LSE Partnership

Payward, the parent company of Kraken, is expanding its tokenized equities framework. The move involves tokenizing 100 London-listed stocks as xStocks, with plans to list and support trading on LSE 24, an extended-hours venue operated by the London Stock Exchange (LSE).

The first London-listed xStocks are expected to be available in the coming weeks on Kraken and other supporting platforms. The tokens will be backed one-to-one by the underlying shares and will be available to investors in over 110 countries, excluding the UK.

Subject to regulatory approval, LSE plans to list and support trading in xStocks on its extended-hours venue, LSE 24. This move marks a broader offering of tokenized equities from various regions, including the US, Europe, the UK, and Hong Kong, alongside other asset classes.

Payward's partnership with the LSE also explores native equity tokens issued through LSE infrastructure, which will have the same rights and full fungibility as traditional shares. This development comes after Payward reported second-quarter adjusted revenue of $508 million, a 17% year-over-year increase, and total platform transaction volume reaching $310 billion.