Nasdaq Ventures has agreed to invest $100 million in Payward, the parent company of crypto exchange Kraken, as the two firms expand their partnership around tokenized equities. Payward will a
Nasdaq Ventures has agreed to invest $100 million in Payward, the parent company of crypto exchange Kraken, as the two firms expand their partnership around tokenized equities. Payward will also adopt Nasdaq’s market surveillance technology across its trading venues, covering crypto, equities, tokenized equities, futures, and options. Bloomberg reported that the deal values Payward at $21 billion.
Nasdaq Moves Deeper Into Kraken’s Ecosystem
Nasdaq and Payward began working together in March 2026 through plans to develop an equities transformation gateway connecting regulated markets with blockchain networks. The latest deal expands that relationship through Nasdaq’s investment and the use of its surveillance technology across Payward’s platforms. The two companies are also working on infrastructure for tokenized stocks.
Payward’s use of Nasdaq’s surveillance system gives the crypto company technology for monitoring trading activity across multiple markets. The move comes as Payward expands beyond cryptocurrency trading into equities and other financial products. For Nasdaq, the partnership strengthens its connection with a company operating across both crypto and traditional markets.
Stocks Start Moving Onto Blockchain Rails
A major part of the partnership is Nasdaq Equity Tokens, or NETs, which are expected to launch in the second quarter of 2027. The project is being developed alongside Payward’s xStocks ecosystem to bring equity representations onto blockchain networks. The planned launch would give Nasdaq a direct role in the development of tokenized securities.
Tokenized stocks are drawing interest from financial companies exploring blockchain-based trading and settlement. Unlike conventional markets, blockchain networks can operate continuously and support transactions outside traditional trading hours. The model still needs to address issues including investor rights, market oversight, and settlement.
NETs Set for 2027 Launch
The $100 million investment strengthens Nasdaq’s position in the tokenized asset market while deepening Payward’s relationship with established financial infrastructure. Nasdaq brings experience in securities markets, while Payward has an established crypto trading ecosystem and its xStocks platform. Their progress will be closely watched ahead of the planned NETs launch in 2027.
If Nasdaq Equity Tokens launch as planned, the product could become an important test for blockchain-based stocks within financial markets. The project also adds to the growing number of efforts to use blockchain for assets beyond cryptocurrency. For the broader crypto market, tokenized equities are becoming a sector worth watching.
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