Nasdaq Invests $100M in Kraken Parent Payward at $21B Valuation
Nasdaq has taken a significant step in its foray into the world of tokenized equities by investing $100 million in Payward, the parent company of Kraken. The investment values Payward at a staggering $21 billion.
The deal marks an expansion of the partnership between Nasdaq and Payward, which began in March with the goal of connecting regulated equity markets with blockchain networks through the xStocks ecosystem. As part of this partnership, Payward will deploy Nasdaq's market surveillance technology across its trading venues, covering crypto, equities, tokenized equities, futures, and options.
The companies are working towards a second-quarter 2027 launch for Nasdaq Equity Tokens (NETs), which will enable the transfer of tokenized equities between permissioned financial markets and supported blockchain networks. This is expected to streamline settlement processes and reduce the need for intermediaries.