Payward will tokenize the 100 largest companies listed on the London Stock Exchange as xStocks, according to a statement released on Tuesday. The first London-listed xStocks are expected to be available in the coming weeks on Kraken and other supporting xStocks Alliance platforms.
The tokens will be 1:1-backed representations of the underlying shares and will be available to investors in more than 110 countries, although xStocks are not currently available to UK-based investors.
Subject to regulatory approval, the LSE plans to list and support trading in the xStocks on LSE 24, its recently announced extended-hours venue. The exchange has said LSE 24 will operate Monday through Friday from 5 p.m. to 7:50 a.m., with a 30-minute pause for end-of-day processing.
"By working with Payward, and continuing to collaborate across the market infrastructure ecosystem, we are exploring how issuers and investors can benefit from new forms of access while maintaining the standards that underpin public markets,” LSE CEO Julia Hoggett said.
The broader offering will span tokenized equities from the U.S., Europe, the UK, and Hong Kong, alongside other asset classes, for LSE members using the venue, Payward said.
