Payward, the parent company of cryptocurrency exchange Kraken, has partnered with fintech firm GTN to bring blockchain-based stock offerings to Hong Kong, the United Kingdom, Europe, and South Korea.
The partnership will enable the companies to offer xStocks, blockchain-based representations of shares in publicly traded companies, across the four markets. The move represents an expansion of tokenised equity offerings beyond US-listed securities.
How xStocks Work
xStocks are blockchain-based tokens that represent ownership of underlying equities. Unlike traditional stock trading, these digital instruments allow users to gain exposure to company shares through blockchain infrastructure.
The tokens are designed to track the performance of real company stocks while offering the benefits of blockchain technology, including 24-hour trading availability and faster settlement times compared to traditional equity markets.
Payward and GTN have not disclosed which specific companies’ shares will be available through the xStocks platform, nor have they announced a launch date for the expanded offering.
Regulatory Landscape
The partnership comes as regulators in multiple jurisdictions work to establish frameworks for tokenised securities. Hong Kong has positioned itself as a hub for digital asset innovation, while European regulators have implemented the Markets in Crypto-Assets regulation to govern digital financial instruments.
The UK Financial Conduct Authority has also been developing guidance for firms offering blockchain-based financial products.
South Korea, one of Asia’s most active cryptocurrency markets, has maintained strict oversight of digital asset offerings while allowing licensed entities to operate within defined parameters.
Real World Asset Tokenisation Growth
The xStocks expansion aligns with broader industry movement toward real world asset tokenisation. Financial institutions including BlackRock, Franklin Templeton, and JPMorgan have launched blockchain-based funds and treasury products over the past two years.
According to data from RWA.xyz, the total value of tokenised real world assets reached approximately $20 billion in early 2025, with US Treasury-backed tokens accounting for the largest share.
Tokenised equities represent a smaller but growing segment of this market. Proponents argue that blockchain infrastructure can reduce settlement times, lower costs, and expand access to global markets for retail investors.
Kraken’s Strategic Direction
The partnership reflects Kraken’s broader strategy to expand beyond pure cryptocurrency trading into regulated financial services. The exchange, founded in 2011, operates in more than 190 countries and offers trading in over 200 digital assets.
Kraken received a principal trading firm license from Dubai’s Virtual Assets Regulatory Authority in 2024 and has pursued banking and securities licenses in multiple jurisdictions.
Neither Payward nor GTN immediately responded to requests for additional details about the xStocks rollout, including specific launch timelines or the scope of equities that will be available in each market.
The companies also did not disclose the custody arrangements for the underlying securities or the specific blockchain infrastructure that will support the xStocks platform.