Kraken expands xStocks to Hong Kong, UK and South Korea

Kraken parent company Payward is taking a major step in the world of tokenised stocks. The company is expanding its xStocks platform beyond the US market and is now targeting international exchanges, including Hong Kong, the United Kingdom, Europe and South Korea. The message is clear: investors want onchain access to stocks from around the world.

Partnership with GTN for international expansion

For this expansion, Payward is partnering with investment infrastructure provider GTN. This is reported by CoinDesk. GTN handles the execution, custody and administration of the securities that back the tokens. Initially, the partnership focuses on stocks listed in Hong Kong, after which stocks from the UK, Europe and South Korea will follow once the necessary regulatory approvals have been obtained.

The expansion shows that Payward believes in a growing demand for tokenised investment products outside the US. With GTN as a partner, the company has the infrastructure to meet the requirements of multiple international markets.

xStocks as a bridge between crypto and traditional markets

xStocks is the framework that Payward is developing to make traditional stocks accessible via blockchain technology. Users can thus trade securities onchain that are normally only available through traditional brokers. The tokens are backed by real underlying securities, with GTN handling the custody tasks.

The move towards international markets fits into a broader trend in which crypto exchanges are trying to bridge the gap with traditional financial markets. By adding stocks from Hong Kong, Europe and South Korea, Payward significantly expands the potential audience for xStocks. Exactly when the first non-US stocks will be available depends on the progress of the regulatory processes in the various regions.