Nasdaq Drops $100 Million into Kraken Parent Payward

Nasdaq has agreed to invest $100 million in Payward, the parent company of Kraken, as part of its existing partnership focused on tokenized equities. This move adds capital and market-integrity infrastructure to their collaboration.

The proposed investment is made through Nasdaq Ventures and gives the relationship a new financial dimension. The two companies will continue developing operational and commercial systems for planned Nasdaq Equity Tokens, or NETs.

Payward plans to deploy Nasdaq's surveillance tools across its trading venues, including crypto, equities, tokenized equities, futures, and options. This expands the relationship beyond the planned distribution and settlement framework for NETs and into technology used to monitor trading across several markets.

The partnership predates this investment announcement, with plans announced in March to create an equities transformation gateway connecting Nasdaq's issuer-sponsored tokens with Payward's xStocks tokenized-equity ecosystem. The next phase will advance global distribution, trading, and post-trade capabilities for the planned tokens.