The London Stock Exchange (LSE) said on Thursday it will work with Payward, the owner of crypto exchange Kraken, to tokenise 100 of the UK’s biggest listed companies. The tokens – branded as xStocks – will be issued on a blockchain framework developed by Payward and are intended to be tradable on the LSE’s after‑hours venue, LSE 24, which operates 24 hours a day, five days a week. The rollout is contingent on approval from UK financial regulators.
Partnership details
Payward will create digital representations of the selected equities using its xStocks protocol, a system that has already been piloted for smaller asset classes. The LSE will act as the market operator, providing the settlement and custody infrastructure for the tokenised shares. Both parties describe the collaboration as a way to bring “the biggest UK stocks on‑chain,” a phrase that appeared in multiple reports including CoinDesk and Cointelegraph.
“The LSE will support trading of tokenized equities on its LSE 24 platform, offering 24‑hour, five‑day‑a‑week access, subject to regulatory approval,” the Financial Times reported.
The initiative targets a broad set of blue‑chip firms across sectors such as finance, energy and consumer goods. While the exact composition of the 100‑stock list has not been disclosed, industry observers say it will likely mirror the constituents of the FTSE 100, the benchmark index for UK equities.
Implications for markets
Tokenised equities are digital tokens that correspond one‑to‑one with a traditional share, allowing them to be transferred instantly on a public or permissioned ledger. For crypto‑savvy investors, this offers the familiar speed and programmability of blockchain assets, while for conventional market participants it promises faster settlement, fractional ownership and the ability to trade outside regular exchange hours.
The partnership arrives amid a wave of interest from traditional finance institutions in digital‑asset solutions. Recent months have seen banks and broker‑dealers experiment with tokenised bonds, real‑estate and even art. By leveraging a reputable exchange and a regulated crypto‑exchange operator, the LSE‑Payward project is positioned as one of the most high‑profile attempts to bridge the two worlds.
Regulators in the UK have signalled a cautious but open stance toward tokenised securities, emphasising investor protection and anti‑money‑laundering safeguards. If the LSE receives the green light, the tokenised stocks could become the first large‑scale, publicly listed equities offered on a blockchain in Europe, potentially setting a template for other markets.
Analysts note that the success of the venture will depend on liquidity migration from conventional shares to their digital counterparts, as well as the ability of custodians and brokers to integrate the new tokens into existing workflows. Nevertheless, the collaboration underscores a growing consensus that blockchain technology could reshape how equities are issued, settled and traded, offering a new avenue for both crypto‑native and mainstream investors.
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Live data: CoinGecko — 2026-09-01 15:21 UTC
