Nasdaq Doubles Down on Tokenization with $100m Payward Investment
Nasdaq has invested $100 million in Payward, the parent company of cryptocurrency exchange Kraken. This move is part of a deepening partnership between Nasdaq and Kraken to launch tokenized equities.
The two companies first announced their collaboration in March, but now have set a specific timeline for launching Nasdaq Equity Tokens (NETs) - second quarter 2027. Kraken's venues will also adopt Nasdaq's market surveillance technology as part of the deal.
This is not Nasdaq's first investment in Payward. In April, Deutsche Börse invested $200 million in the company. Additionally, Payward recently announced a collaboration with the London Stock Exchange Group. The company has reportedly pushed its IPO to 2027, and Nasdaq will likely want to be the listing venue.
Nasdaq's investment is also a sign of the exchange group's accelerating efforts in tokenization. Last month, it agreed to acquire LeveL Markets ATS and created a Digital Liquidity Networks division to house its digital ambitions.