Nasdaq Invests $100 Million in Kraken Parent Payward for Tokenized Equities Partnership
Nasdaq Ventures has invested $100 million in Payward, the parent company of Kraken, to further their tokenized equities partnership. This strategic investment aims to advance the companies' work on NETs, or Nasdaq Equity Tokens, and adopt Nasdaq's market surveillance technology across all trading businesses.
The agreement covers several key areas: continued development of NETs, with a target launch in the second quarter of 2027; adoption of Nasdaq's market-surveillance technology to support transparent markets and detect abusive trading activity; and expansion of their work on tokenized equities and always-on market infrastructure.
Payward will use Nasdaq's surveillance technology across its venues covering crypto, conventional equities, tokenized equities, futures, and options. The companies have not disclosed the investment's closing date, ownership percentage, or valuation.
This move strengthens their relationship financially but does not launch a tokenized security or authorize trading in any jurisdiction. NETs are intended to represent the underlying security itself, connected to the issuer's official share register, preserving shareholder rights and regulatory treatment.