Nasdaq Dumps $100 Million into Kraken Parent at $21 Billion Valuation

Nasdaq has invested $100 million in Payward, the parent company of Kraken, valuing the crypto firm at $21 billion. The investment builds on a partnership announced in March, which aims to develop infrastructure for tokenized equities.

Kraken is expected to distribute Nasdaq's tokenized stocks through its platform, giving customers access to Nasdaq-listed companies in tokenized form while retaining the voting rights associated with traditional shares.

The partnership also includes work on a gateway connecting regulated and blockchain-based markets for tokenized equities. Nasdaq plans to debut its own token in the second quarter of next year.