Kraken Parent Payward Partners Broadridge for xStocks Proxy Voting

Payward, the parent company of cryptocurrency exchange Kraken, announced a collaboration with Broadridge to enable proxy voting for xStocks holders, according to a Wednesday release. Previously, xStocks holders had no voting rights for the underlying shares. The partnership aims to allow eligible investors to submit proxy voting preferences for tokenized equities. Tokenized equities have been gaining traction as both blockchain-native firms and traditional finance institutions explore moving securities onchain.

Broadridge Partnership Enables Proxy Voting for xStocks

The collaboration with Broadridge allows eligible xStocks investors to submit proxy voting preferences for the underlying shares. Payward Chief Commercial Officer Mark Greenberg stated that the partnership is "a step in that direction, unlocking opportunities for xStocks holders to participate in corporate governance, while closing the gap between tokenized equities and traditional shares."

Issued by Backed, xStocks are tokenized equities available to eligible investors outside the U.S. Broadridge provides digital asset infrastructure, including proxy voting, post-trade services, wallets and custody.

Payward Expands xStocks Geographic Availability

Currently, xStocks are not available to investors in the United States or the United Kingdom, or to U.S. persons. Last month, Payward partnered with fintech infrastructure provider GTN to expand its xStocks offering to include stocks trading in Hong Kong, with plans to eventually expand to the UK, Europe, South Korea and other international markets.

xStocks Transaction Volume Reaches $25 Billion

Kraken said earlier this year that volume for xStocks had surpassed $25 billion in total transaction volume since going live last year. The push to tokenize equities has been gaining traction in the U.S., with both blockchain-native firms and traditional-finance institutions such as JPMorgan and Goldman Sachs showing interest in moving securities onchain.

FAQ

What did Payward announce regarding xStocks voting rights? Payward announced a collaboration with Broadridge that allows eligible xStocks holders to submit proxy voting preferences for the underlying shares, according to a Wednesday release. Previously, xStocks holders had no voting rights.

Where are xStocks currently available? xStocks are available to eligible investors outside the U.S. They are not available to investors in the United States or the United Kingdom, or to U.S. persons. Last month, Payward partnered with GTN to expand the offering to include stocks trading in Hong Kong.

How much transaction volume have xStocks generated? Kraken said earlier this year that xStocks had surpassed $25 billion in total transaction volume since going live last year.