Nasdaq Invests $100M in Payward to Develop Tokenized Stock Trading Infrastructure

Nasdaq Ventures has invested US$100 million in Payward, the parent company of crypto exchange Kraken. The investment is aimed at expanding the development of tokenized stock trading infrastructure.

The collaboration between Nasdaq and Payward began in March 2026 through a plan to build an equities transformation gateway, connecting regulated capital markets with blockchain networks and Payward's xStocks ecosystem.

Nasdaq Equity Tokens (NETs) are being developed as part of this framework. NETs will bring stocks to the blockchain network without removing the rights inherent in the underlying securities.

Kraken will be one of the distribution channels for Nasdaq's tokenized stocks, with tokens designed to grant voting rights identical to regular stocks traded on Nasdaq.