We recently joined hundreds of builders, regulators, allocators, and operators in Bermuda for the Digital Finance Forum. Two moments stood out.
From the main stage, our Co-CEO Dave Ripley unveiled a strategic collaboration between Payward (Kraken’s parent company and developer of the xStocks framework) and Franklin Templeton, one of the world’s largest asset managers and a digital-asset pioneer since 2018.
The collaboration spans tokenized equities, qualified custody, actively managed yield products, and direct access to institutional liquidity through Kraken’s OTC and Prime desks. Two pieces stood out:
Underpinning all of this is xStocks, which has processed over $30 billion in volume since launching in 2025. The framework will be a foundation for bringing more of these strategies onchain.
As our Co-CEO Arjun Sethi put it:
“Payward and Franklin Templeton are building toward a model of finance where the distinction between traditional assets and digital infrastructure no longer holds. The convergence between these two worlds is only going to deepen, and what collaborations like this one unlock is a new class of products that wouldn’t have been possible even three years ago: assets that carry the credibility of multi-decade managers and the programmability of digital infrastructure.”
On community day, we put the partnership in attendees’ accounts. Literally.
Every eligible attendee received one tokenized share of the Franklin Templeton Gold ETF: about $200 of real, gold-backed exposure, dropped straight into their Kraken account.
We wanted attendees to have the experience of getting a regulated, gold-backed product from a global asset manager, settled onchain, claimable in seconds. No paperwork. No settlement delay. No business-hours wait.
For many attendees, it was the first time they’d held a tokenized real-world asset they could actually move, send, or trade. A small but concrete preview of the broader work ahead with Franklin Templeton.
Bermuda made one thing clear: the line between traditional finance and digital finance is dissolving faster than the headlines suggest. Real assets are being issued and settled onchain. The biggest institutions in the world are picking partners. And the products coming next, like gold, treasuries, equities, and credit, are being built for a financial system where access is global and settlement is instant.
Thanks to everyone who joined us in Bermuda, and to our new partners at Franklin Templeton for kicking off this next chapter alongside us. More soon.
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not nor will be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice and/or recommendations, and no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.
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