Kraken Tokenizes 200 UK and EU Stocks, but UK Investors Cannot Buy Them

Payward, the parent company of the Kraken exchange, has tokenized more than 200 stocks of British and European companies. The tokens went live on xStocks, a platform that had mostly dealt in American shares until now. It is the first big step beyond Wall Street, though UK residents themselves cannot buy the new tokens.

What exactly did Payward launch?

A tokenized stock is a digital token on a blockchain that tracks the price of a real share. On Wednesday Payward announced a first batch of more than 200 of the most actively traded companies in the United Kingdom and the European Union. HSBC, Shell, LVMH and Airbus are on the list.

All 40 companies of Germany's DAX index are in as well, from SAP and Siemens to Allianz and Deutsche Telekom. The launch partner is GTN, a brokerage infrastructure firm that executes trades and holds the underlying shares. Hong Kong is next, with hundreds of local companies promised within weeks.

"A portfolio should not have borders or trading hours. Tokenizing every other international market is the next step."

- Mark Greenberg, chief commercial officer at Payward, from the company statement of November 11, 2026

How does a tokenized stock work?

To get the mechanics, start with the custodian, a regulated company that holds securities. It buys the real share and keeps it for as long as the token is in circulation. One token maps to one share, so the price follows exchange quotes.

• 1:1 backing: every token is covered by one share in the custodian's account.
• Tokens trade on Solana, Ethereum and Toncoin, where xStocks already runs.
• The holder gets the price movement, but no voting rights.
• They also have no legal claim on the company that issued the share. Kraken's risk disclosure says so directly.

Round-the-clock trading is a perk of its own. The London Stock Exchange, for example, runs from 8:00 to 16:30 local time, while a token can be sold at night or on a weekend. Deutsche Börse said the new tokens are available on its affiliated 360X platform, and some venues trade without breaks.

Why are UK investors left out?

The new tokens are offered in more than 110 markets, but not in the UK itself. The launch coverage does not explain why, so all that remains is the paradox. British shares are off limits to British investors.

A fix may come later. The London Stock Exchange agreed with Payward in September to tokenize the 100 largest London-listed companies. In 2027, pending regulatory approval, the exchange wants to list xStocks on LSE 24, a venue planned to run almost around the clock.

Where does xStocks stand among rivals?

xStocks sits in third place, behind only bStocks from Binance and Ondo Finance. Payward cites its own numbers, namely more than 1,500 tokenized assets, $45 billion in cumulative trading volume and over 550,000 holders.

Investors are circling the company too. Nasdaq agreed in September to invest $100 million in Payward at a $21 billion valuation, and Deutsche Börse bought a $200 million stake back in April. Add the $550 million deal for the Bitnomial exchange and the purchase of Lithuania's Saldo Bank, and the picture is clear. Payward is expanding fast in Europe.

What does it mean for the user?

For crypto holders it is one more way to keep part of a portfolio in equities without a separate brokerage account. But a token does not fully replace a share. There are no voting rights, and the safety of the setup depends on the custodian and on Payward itself.

Check whether the tokens are available in your country before buying. It is better to learn about restrictions up front than after signing up on an exchange.