Nasdaq Invests $100 Million in Kraken Parent Company Payward

Nasdaq has decided to invest $100 million in Payward, the parent company of cryptocurrency exchange Kraken. The deal values Payward at a staggering $21 billion.

The investment is part of an existing partnership between Nasdaq and Payward, which aims to develop infrastructure for transferring tokenized stocks between traditional finance markets and blockchain-based markets.

Kraken plans to distribute Nasdaq's tokenized stocks on its platform, allowing users to hold tokenized versions of Nasdaq-listed shares and exercise the same voting rights as conventional stock holders.