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Payward plans to tokenize 100 London stocks as xStocks
LSE 24 is slated to support trading in the xStocks subject to regulatory approval, and the first tokens are expected to arrive in the coming weeks on Kraken and other platforms.
Payward, the parent of crypto exchange Kraken, announced a partnership with the London Stock Exchange to tokenize the 100 largest companies listed on the LSE as 1:1-backed xStocks, according to The Block.
The tokens are designed to represent the underlying shares on a one-to-one basis and are expected to be available in more than 110 countries. However, xStocks are not currently available to UK-based investors, the report said.
Subject to regulatory approval, the LSE plans to list and support trading of the xStocks on LSE 24, its extended-hours venue. LSE 24 is expected to operate Monday through Friday from 5 p.m. to 7:50 a.m., with a 30-minute pause for end-of-day processing.
The Block also reported that the first London-listed xStocks are expected in the coming weeks on Kraken and other supporting xStocks Alliance platforms, and that Payward and the LSE will explore native onchain equity issuance using LSE infrastructure. LSE CEO Julia Hoggett said the effort aims to expand access for issuers and investors while maintaining standards that support public markets.