Hassan Maishera
TL;DR
-
Nasdaq Ventures will invest $100 million in Kraken parent Payward.
-
The investment reportedly values Payward at approximately $21 billion.
-
Payward will deploy Nasdaq’s surveillance technology across its trading venues.
-
Nasdaq Equity Tokens are expected to launch in the second quarter of 2027.
Nasdaq Ventures has agreed to invest $100 million in Payward, the parent company of cryptocurrency exchange Kraken, as the two firms expand their partnership in tokenized equities and blockchain-based market infrastructure.
The transaction values Payward at approximately $21 billion, according to Bloomberg, which cited people familiar with the matter. The companies also plan to launch Nasdaq Equity Tokens in the second quarter of 2027.
Payward to Adopt Nasdaq’s Market Surveillance Technology
Under the expanded partnership, Payward will deploy Nasdaq’s market surveillance technology across its trading businesses.
The systems will cover Payward’s cryptocurrency, traditional equity, tokenized equity, futures and options venues. The integration is intended to strengthen oversight as the company expands across digital and conventional financial markets.
Effective surveillance infrastructure will be crucial to detecting market manipulation, monitoring unusual trading activity and building institutional confidence in tokenized securities.
Nasdaq and Payward are advancing Nasdaq Equity Tokens, also known as NETs, with a planned launch in the second quarter of 2027.
Nasdaq previously announced plans to create the tokenized-equity framework and connect it with Payward’s xStocks ecosystem. The initiative aims to combine the benefits of blockchain settlement with the legal protections and shareholder rights attached to conventional equities.
Payward co-CEO Arjun Sethi said more than $2 trillion in stock trades pass through the US clearing system daily. He argued that on-chain settlement could eliminate traditional waiting periods and support trading infrastructure that operates continuously.
NETs Aim to Preserve Shareholder Rights
Tokenized stocks represent ownership or economic exposure to publicly traded companies through blockchain-based assets.
However, some existing products do not provide the same voting, dividend and ownership rights as conventional shares. Nasdaq and Payward are seeking to distinguish NETs by preserving shareholder rights while placing the assets on blockchain settlement rails.
The model could provide faster settlement and greater availability without abandoning the protections associated with regulated securities markets.
Nasdaq President Tal Cohen said the expanded partnership reflects the exchange operator’s belief that Payward can help develop infrastructure for moving capital while maintaining transparency and trust.
The $100 million investment gives Nasdaq greater exposure to Payward’s expanding ecosystem, which now covers cryptocurrencies, tokenized assets, traditional stocks and derivatives.
It also demonstrates growing institutional interest in connecting regulated capital markets with blockchain technology.
Partnership Began With Equities Transformation Gateway
Nasdaq and Payward initially announced their partnership in March 2026. At the time, the companies said they would develop an equities transformation gateway connecting regulated markets with decentralized finance networks and other blockchain systems.
Nasdaq said its tokenized-equity design and associated distributed-ledger services would begin operating during the first half of 2027. The newly announced second-quarter launch target for NETs provides a narrower timeframe for the project.
If successful, the initiative could create a bridge between traditional exchange infrastructure and always-available blockchain markets.
