Nasdaq Backs Kraken Parent with $100M Investment

Nasdaq Inc., a well-known stock exchange operator, has invested $100 million in Payward, the parent company of cryptocurrency exchange Kraken.

The investment values Payward at $21 billion and builds on a partnership announced in March between Nasdaq and Payward.

The deal aims to support trading stocks in tokenized form, with Nasdaq's venture arm providing the funding. This move highlights the growing importance of cryptocurrency infrastructure for traditional financial institutions.