Key Highlights
- Payward, the parent company of cryptocurrency exchange Kraken, has added over 200 U.K. and European stocks to its tokenized equity platform, xStocks.
- The expansion features all 40 constituent equities of Germany’s DAX index, including prominent firms such as SAP, Siemens, and Allianz.
- Despite the integration of European assets, access to the tokens remains restricted for investors based in the United Kingdom and the United States.
Kraken Parent Payward Broadens xStocks with Over 200 European Equities
Payward, the parent company of major cryptocurrency exchange Kraken, has expanded its xStocks platform by incorporating more than 200 U.K. and European equities. This integration provides eligible digital asset investors with blockchain-based access to high-profile corporations across the continent, moving past the tokenized U.S. shares that previously served as the foundation of the platform’s catalog.
Among the newly listed assets are all 40 constituent equities of Germany’s benchmark DAX index. This suite introduces tokenized alternatives for established European conglomerates and multinational firms, such as enterprise software corporation SAP, industrial manufacturing leader Siemens, and financial services giant Allianz.
Custody Infrastructure and Trading Mechanics
The tokenized shares available on xStocks are designed to track individual equities, with each digital token fully backed by underlying physical shares maintained by a regulated custodian. Trade execution, order clearing, and asset custody are managed by investment firm GTN. On the consumer-facing side, eligible users are able to purchase these asset-backed tokens directly through Kraken or integrated partner interfaces, with the option to withdraw and custody them in external personal crypto wallets.
Following this recent expansion, Payward reported that assets held on the xStocks platform have surpassed $1.1 billion. However, geographical restrictions remain firmly in place: despite the focus on British and European corporate listings, the product continues to be unavailable to market participants located in both the United Kingdom and the United States due to prevailing regulatory boundaries.
Why This Matters
The expansion represents ongoing momentum in the tokenization of real-world assets (RWAs), bridging decentralized infrastructure with conventional capital markets. By packaging sovereign blue-chip equities into blockchain tokens, platforms like xStocks aim to facilitate cross-border exposure and allow traditional assets to integrate with digital custody systems.
This initiative builds upon an agreement established in September with the London Stock Exchange (LSE) to tokenize its top 100 listed corporate entities. Trading under that initiative is projected to launch on the exchange’s LSE 24 platform in 2027, subject to customary regulatory authorizations. In the near term, Payward is targeting further international reach, with plans underway to incorporate hundreds of Hong Kong-listed equities into xStocks over the coming weeks.
Frequently Asked Questions
What is xStocks and how does it function?
xStocks is a tokenized securities platform operated by Kraken parent company Payward. Each token mirrors the price performance of a traditional corporate share and is backed 1:1 by underlying equities managed by regulated custody and execution partner GTN.
Who is eligible to purchase these tokenized shares?
The service is offered to eligible international crypto investors on Kraken and supported third-party platforms. However, investors residing in the United States and the United Kingdom are strictly excluded from trading or holding these tokens.
Which major European companies are now featured on the platform?
The rollout includes all 40 blue-chip stocks featured in the German DAX index, such as enterprise software firm SAP, engineering group Siemens, and insurance provider Allianz, alongside dozens of other major U.K. and European enterprises.
