Nasdaq Invests $100M in Payward for Tokenized Assets
Nasdaq has made a significant investment in Payward, the parent company of crypto exchange Kraken, as part of its expansion into tokenized assets. The investment of $100 million was made by Nasdaq's venture arm and values Payward at $21 billion.
The deal builds on a partnership between the companies announced in March 2026. As part of the agreement, Kraken will offer tokenized versions of shares in companies listed on Nasdaq through its platform. This is in line with Nasdaq's strategy to develop tokenized assets and trading infrastructure capable of operating nearly around the clock.
The investment is part of a larger effort by Nasdaq to expand into tokenized products. The exchange operator announced plans to acquire Level Markets in August to further this goal. It also submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) in 2025 that would allow tokenized stocks to trade on its exchange.