Nasdaq Invests Big in Kraken Parent, Eyes Tokenized Stocks in 2027
Nasdaq is investing $100 million in Payward, the parent company of cryptocurrency exchange Kraken. The investment valued Payward at $21 billion. Nasdaq and Payward plan to launch tokenized shares by 2027.
The two companies have been working together on a project called Nasdaq Equity Tokens (NETs) and aim to develop infrastructure for distributing and trading tokenized stocks. They will also implement market surveillance technology from Nasdaq across Kraken's exchanges, including for crypto trading and tokenized stock trading.
Nasdaq CEO Tal Cohen said that the efficiency of capital and assets moving across the financial system will determine the next market evolution, and Payward can play a key role in building infrastructure to support these changes. Kraken is expanding its platform beyond cryptocurrencies into stocks, derivatives, and other traditional financial products.