Nasdaq‘s venture capital arm is investing $100 million in Payward, the parent company of crypto exchange Kraken, deepening a tokenized-equities partnership first announced in March and lifting Payward’s valuation to roughly $21 billion. The main objective is to build out infrastructure for Nasdaq Equity Tokens (NETs) — blockchain-based, RWA-tokenized representations of Nasdaq-listed stocks — with the companies targeting a second-quarter 2027 launch; Kraken will distribute the tokens through its xStocks ecosystem while adopting Nasdaq’s market-surveillance technology across its crypto, equities, and tokenized-equity trading venues. The deal follows Nasdaq’s SEC-approved rule change permitting certain securities to trade and settle in tokenized form, and comes as rival exchanges including Deutsche Börse and the London Stock Exchange Group also deepen ties with Payward. Key players include Nasdaq Ventures and Payward, whose expanded collaboration builds on Nasdaq’s broader push toward round-the-clock, blockchain-integrated market infrastructure. 

Nasdaq Invests $100M in Kraken Parent Payward, Targets 2027 Tokenized Stocks Launch