Mentioned:
The London Stock Exchange has a new ambition: tokenized stocks.
What’s happening:
- The London Stock Exchange and Kraken’s parent company Payward have formed a new partnership to tokenize the 100 largest companies listed on the London Stock Exchange
Why it matters:
- This is the first time the London Stock Exchange has struck a formal partnership with a crypto exchange to tokenize their own listed equities
Going deeper:
- Payward will issue the tokenized stocks under their xStocks framework to make them available for trading on Kraken’s exchange as well as other supporting platforms to users in more than 110 countries
- All 100 stocks being tokenized by Payward will be backed one-for-one by real underlying equity
- Payward has publicly stated that xStocks now has more than 200,000 total holders and has done more than $40B USD in total trading volume
The intrigue:
- Securitize (NASDAQ: SECZ) and The New York Stock Exchange previously made major waves when they formed a partnership to focus on tokenizing securities directly on the blockchain
