Kraken's xStocks Platform Adds 200 Tokenized Stocks

Payward, the parent company of Kraken, has added over 200 tokenized versions of UK and EU stocks to the xStocks platform. This expansion covers all 40 companies in Germany's DAX index, such as Siemens, SAP, and Allianz. The service allows eligible users to trade these assets within Kraken environments and xStocks Alliance platforms.

The tokens are backed one-to-one by shares held in regulated custody. The company emphasizes that token holders do not have voting rights or direct legal claims on the underlying companies. Trading in selected locations occurs around the clock every day of the week.

With this update, the xStocks catalog exceeds 1,500 tokenized assets. The platform has recorded a cumulative transaction volume of over 45 billion dollars and has more than 550,000 unique holders. The market value of tokens under management by xStocks is estimated at 1.1 billion dollars.

The company plans to expand its international reach in the coming weeks by including hundreds of stocks listed in Hong Kong. Currently, xStocks holds the third position in the tokenized stock market ranking, behind Binance and Ondo Finance. However, the new tokens remain unavailable to investors residing in the UK.