Top UK equities set for tokenization
The London Stock Exchange (LSE) is advancing its digital ambitions by partnering with Payward, the parent company of cryptocurrency exchange Kraken, to bring 100 of the UK’s leading publicly traded co
The move is set against a broader backdrop of major financial institutions exploring tokenized equity products. Nasdaq, CME Group, and Intercontinental Exchange (which owns the New York Stock Exchange) have all announced similar pilots or partnerships in recent months. Yet, while those efforts often remain in pilot phases or target US markets, LSE’s plan centers squarely on the UK’s top blue-chip firms—bringing a distinctly British flavor to the global race for digital securities.
LSE 24 will offer 24/5 trading access to tokenized stocks starting in 2027.
LSE 24 ushers in all-hours trading
A key component of this collaboration is the launch of LSE 24, a new trading venue that will allow investors to buy and sell tokenized stocks around the clock from Monday through Friday. This platform is scheduled to go live in 2027, marking a significant shift from traditional market hours toward a 24/5 model. For context, most UK stock trading currently takes place between 8:00 am and 4:30 pm local time; LSE 24 would extend access far beyond these limits.
The promise of night-time trading is clear: more flexibility for global investors and potentially greater liquidity for UK equities.
However, this expansion comes with regulatory caveats. The listing and trading of these tokenized assets will be subject to approval from relevant authorities, and it remains uncertain how quickly regulators will greenlight such an overhaul to market structure.
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Payward’s role goes beyond simply providing technology. The company has already made moves across Europe and North America to expand its tokenization footprint. In March, Nasdaq partnered with Payward and its subsidiary Backed—the issuer behind xStocks—to develop an equities transformation gateway aimed at digitizing traditional shares. Just one month later, Deutsche Börse invested $200 million into Payward to accelerate development of blockchain-based securities and related investment products.
This cross-border momentum highlights a micro-contrast: while LSE’s project targets UK stocks specifically, Payward’s reach now extends into multiple major financial hubs. The headline number—$200 million in funding—signals institutional confidence, but adoption timelines remain dependent on regulatory clarity and infrastructure readiness.
Regulatory hurdles remain for rollout
The planned launch date for LSE 24 and its tokenized stock offering is set for 2027. This multi-year timeline reflects both the technical complexity involved and the need for regulatory approval before any tokens can be listed or traded. According to cointelegraph.com, Mark Greenberg—Payward’s chief commercial officer—confirmed that these plans are moving forward but noted that compliance remains a gating factor.
Other exchanges have faced similar delays as they navigate evolving rules around digital assets. For example, Nasdaq only finalized its acquisition of LeveL Markets (the third-largest alternative trading system in the US) in August as part of its own push toward round-the-clock digital markets. Each step forward underscores how legacy institutions must balance innovation with oversight.
Traditional finance eyes blockchain shift
The LSE-Payward partnership is part of a larger trend: established financial giants are increasingly experimenting with blockchain technology as they seek new efficiencies and broader market participation. In January this year, CME Group announced plans to launch crypto futures contracts tied to Cardano (ADA), Chainlink (LINK), and Stellar (XLM), expanding further in May with Avalanche (AVAX) and Sui (SUI) futures—pending regulatory sign-off.
Despite this flurry of activity, it remains unclear how quickly institutional investors will embrace fully tokenized stocks once they become available. Interest is high—as evidenced by Deutsche Börse’s $200 million investment—but practical adoption may hinge on factors like custody solutions, tax treatment, and interoperability between old and new systems.
Next milestones
If regulators approve, Payward will tokenize 100 London-listed stocks for trading on LSE 24, the London Stock Exchange’s new 24/5 venue set to launch in 2027; without this approval, the planned rollout remains uncertain.