Tokenized Stocks Also Have Voting Rights! Kraken's Parent Company Payward Grants xStocks Holders Proxy Voting Power

BlockBeats News, August 5th, Kraken's parent company Payward announced a major adjustment in the tokenized stock corporate governance participation model. Previously, xStocks holders had no voting rights on the underlying stocks. Through collaboration with investor communication service giant Broadridge, eligible investors can now submit proxy voting preferences.

Mark Greenberg, Chief Business Officer of Payward, said: "The ultimate goal of tokenization has never been just to build a faster programmable capital market, but to empower people worldwide to have all the rights that come with holding shares in a company, including the right to speak on how the company is run." xStocks is issued by Backed and is currently open to non-U.S. accredited investors. Broadridge provides digital asset infrastructure such as proxy voting, post-trade services, wallets, and custody.

Last month, Payward partnered with financial technology infrastructure provider GTN to expand the xStocks product to Hong Kong-listed stocks, with plans to subsequently cover international markets such as the UK, Europe, and South Korea. Payward stated that xStocks' cumulative trading volume has exceeded $25 billion since its launch last year.