Top 100 London Stocks Are Coming to Crypto, But There’s a Catch

Payward will launch tokenized London stocks within weeks, covering the city's 100 largest listed companies. Investors in more than 110 countries qualify, but UK residents do not.

The Kraken parent is working with the London Stock Exchange on the rollout. What goes live is a wrapper rather than a share, and the exchange's own plans sit years out.

Tokenized London Stocks Arrive Without Shareholder Rights

Each xStock tracks one underlying share. The legal issuer is Backed Assets (JE) Limited, a Jersey company. Payward agreed to buy the business behind it in December.

Holders get price exposure, round-the-clock transfers, and use inside wallets or on-chain apps. However, they do not get a place on the share register.

Voting rights and delivery of the real stock stay with the traditional holder. The fine print of tokenized stocks rarely makes that obvious.

The other catch is scale. Those 100 companies are the FTSE 100, an index that LSEG's own arm, FTSE Russell, values at $3.47 trillion. That was the end-of-July reading. What goes on-chain is a fraction of a fraction of it.

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