Nasdaq Invests $100M in Continuous Trading with Payward
Nasdaq's recent $100 million investment in Payward, parent company of Kraken, aims to connect traditional clearing rails to continuous digital networks. This move is seen as a defense of market infrastructure against independent venues capturing activity.
The partnership involves rolling out Nasdaq Equity Tokens (NETs) by the second quarter of 2027 through the xStocks ecosystem. NETs will allow for securities that can move across traditional and tokenized markets while keeping legal shareholder protections intact.
The shift towards continuous trading alternatives has significant implications, with digital asset markets demonstrating institutional and retail participants value 24/7 liquidity. Nasdaq's investment is part of a broader strategy to build an operational framework for modern financial plumbing.