Kraken's Parent Company Expands Tokenized Stocks Business, xStocks to Cover HK, UK, and KR Stock Markets

BlockBeats News, July 22nd, Kraken's parent company Payward announced that it is expanding its tokenized stock platform xStocks, planning to extend its coverage from the US stock market to the Hong Kong, UK, South Korean, and other international stock markets.

Payward stated that it is collaborating with the investment infrastructure provider GTN to introduce Hong Kong-listed stocks to the xStocks platform, with plans to support UK, European, and South Korean stocks after obtaining regulatory approval. Furthermore, this collaboration also lays the foundation for future expansion into other tokenized asset classes.

Mark Greenberg, Global Head of Services at Payward, stated that other global markets are still significant asset classes that have not been tokenized yet, and the company hopes to gradually bring the global capital markets onto the blockchain through xStocks.

Previously, xStocks mainly offered on-chain versions of US stocks and ETFs, including popular assets such as NVIDIA, Apple, and Tesla. The platform currently supports over 500 tokenized securities, with a total trading volume exceeding $35 billion and nearly 200,000 holders. The related products are currently not available to US users.

This expansion comes at a time when the tokenized securities race is heating up. Institutions such as Robinhood, Coinbase, as well as Nasdaq and the New York Stock Exchange, are all advancing their on-chain strategies for stock assets. Citigroup previously predicted that by 2030, the tokenized securities market could reach $55 trillion in size, with the tokenized stock market accounting for approximately $26 trillion.