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Kraken parent Payward expands tokenized stocks to Asian and European markets
Payward, the company behind crypto exchange Kraken and the xStocks infrastructure, has announced plans to add tokenized stocks from Hong Kong, the United Kingdom, South Korea, and European markets to its platform. The initiative is being developed in partnership with investment firm GTN and will launch subject to regulatory approval.
In addition to expanding its tokenized securities offering, the companies plan to build infrastructure for other classes of tokenized assets.
According to Mark Greenberg, head of Payward Services, one of the company's primary goals is to provide investors with access to global capital markets regardless of their geographic location.
Expanding access to Asian and European markets
Until now, most tokenized stock platforms have primarily offered shares of U.S. companies, including Apple, Nvidia, and Tesla. The new initiative will give investors access to tokenized equities issued by Asian and European companies.
Payward said the xStocks infrastructure already supports more than 500 tokenized securities, while total trading volume on the platform has surpassed $35 billion. The number of tokenized asset holders is approaching 200,000.
Competition in the tokenized asset market intensifies
The expansion of xStocks comes amid growing interest in tokenizing traditional financial instruments among major market participants.
Earlier, Robinhood announced plans to expand its tokenized stock offering beyond the European market, while Coinbase revealed plans to launch similar products. At the same time, U.S. market infrastructure organizations, including DTCC, Nasdaq, and the New York Stock Exchange, are developing their own tokenization initiatives.
According to Citi, the tokenized securities market could reach $5.5 trillion by 2030, with tokenized equities accounting for approximately $2.6 trillion.
Meanwhile, Kraken continues to broaden its range of financial products. The company recently launched Kraken Borrow, a lending service that allows users to access borrowed funds and spend beyond their existing account balances on the platform.The new product is designed to improve liquidity and expand digital asset management capabilities.
Earlier, Kraken also unveiled the Kraken Card, which offers users up to 2% cashback in Bitcoin or fiat currency on eligible purchases.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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