Nasdaq Invests $100M in Kraken Parent Payward

Nasdaq's venture arm is investing $100 million in Payward, the parent company of cryptocurrency exchange Kraken. The deal values Payward at $21 billion and deepens their partnership on tokenized equities and market infrastructure.

The firms plan to launch Nasdaq Equity Tokens (NETs) in the second quarter of 2027, connecting them to Payward's xStocks ecosystem. Onchain settlement will allow for faster transactions while preserving shareholder rights, according to Payward co-CEO Arjun Sethi.

Nasdaq President Tal Cohen said the investment reflects confidence that Payward can help build infrastructure to move capital while preserving trust and transparency.