London Stock Exchange Partners with Payward to Launch Tokenized UK Stocks, Going Live in 2027
nashnova research
The London Stock Exchange is working with Kraken parent Payward to list tokenised versions of UK stocks on a new after-hours venue, targeting H1 2027 — the first time a legacy exchange will plug on-chain tokens directly into its own trading infrastructure, marking a real convergence of traditional finance and crypto rails.
What exactly is the deal?
Payward will use its tokenisation platform xStocks to create tokenised versions of the 100 largest UK stocks and connect them to LSE's new after-hours trading venue.
This means → investors will be able to trade on-chain mirrors of UK blue chips inside the LSE ecosystem, using crypto wallets.
The venue will run Monday to Friday, separate from the main LSE market, with a target launch in H1 2027 — subject to approval by the Financial Conduct Authority (FCA).
How do these tokens differ from real shares?
Each token maps 1:1 to one traditional share, but holders get limited voting rights only — no legal ownership of the company and no dividend entitlement.
In plain terms = you are buying a tracking ticket — its price follows the real stock, but you are not a shareholder and you do not collect dividends.
Payward chief commercial officer Mark Greenberg said the goal is to let global investors access LSE assets with as little as "one dollar, five dollars or ten dollars" and move those tokens freely between crypto exchanges and wallets.
Why is the LSE going down this path?
Simon McQuoid-Mason, LSE's head of new products and market structure, called the partnership part of the exchange's broader strategy to develop regulated digital markets that will "support future growth of public markets."
This reflects a defensive anxiety: crypto exchanges already offer 24/7 trading, and LSE needs its regulatory licence as a lever to win back digital-asset users.
LSE also disclosed it is exploring "tokens with full rights" and has spoken with the Confederation of British Industry and listed companies — this means → the current "synthetic exposure" version is step one; the end goal is tokens that carry the same rights as ordinary shares.
Is the rest of the industry heading the same way?
LSE is simultaneously building a digital settlement system to let banks, brokers and other participants settle digital assets around the clock.
Nasdaq and other exchanges are exploring "native equity tokens" — issued directly by companies, with holders receiving full shareholder rights — a more aggressive path than LSE's current approach.
The Bank of England recently received a new secondary objective to promote innovation in payments and digital currencies, widely read as a signal that the UK wants to position itself as a competitive digital-asset hub.
When will this actually go live?
Whether tokenised UK stocks launch on schedule in H1 2027 hinges on the pace of FCA approval.
In plain terms = the technical and commercial arrangements are largely in place; the bottleneck is the regulator — once approved, it goes live; if not, it waits.
Payward plans to roll out the tokenised versions within weeks, but formal trading on the LSE after-hours venue still requires the regulatory green light.
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