Nasdaq Doubles Down on Tokenization with $100M Payward Investment

Nasdaq has taken a major step into tokenized market infrastructure by investing $100 million in Payward, the parent company of Kraken. This move strengthens their existing relationship and signals Nasdaq's commitment to building continuous settlement systems and global liquidity movement.

The investment values Payward at $21 billion and positions it as a central partner in the development of Nasdaq Equity Tokens (NETs). The partnership enables Kraken to offer tokenized versions of Nasdaq-listed stocks, creating a direct link between traditional equity markets and emerging digital settlement rails.

The collaboration builds on Nasdaq's earlier plans to acquire Level Markets and its ongoing work on always-on market infrastructure. Payward has become a key player in the tokenized equities sector, supported by its xStocks ecosystem that allows tokenized shares to move across multiple chains and integrate with DeFi platforms.

The investment from Nasdaq follows Deutsche Börse's $200 million commitment in April, reinforcing Payward's position in the shift toward blockchain-based securities. The market for tokenized equities has grown significantly, exceeding $2.9 billion in distributed value.