Nasdaq Pumps $100M into Kraken's Parent for Tokenized Stocks Launch
Nasdaq, the major U.S. stock exchange operator, has invested $100 million in Payward, the parent company of crypto exchange Kraken. This investment aims to launch 'Nasdaq Equity Tokens (NETs)' by Q2 2027.
NETs are a new type of tokenized stocks that directly link blockchain records with a company's official Share Registry and transfer agent records. This approach fundamentally transforms the structure of previous tokenized stocks, which were often mere tracker certificates or synthetic stock contracts issued by offshore entities.
The technology connecting these on-chain assets to existing markets is the 'Equities Transformation Gateway,' jointly developed by both companies. The gateway interoperably links Nasdaq's regulated trading infrastructure with Payward's 'xStocks' ecosystem.