Nasdaq is deepening its relationship with Payward, the parent company of global crypto platform Kraken, through an agreement for Nasdaq Ventures to invest $100 million in the company.
The investment builds on a partnership announced earlier this year focused on developing infrastructure for tokenized equities and always-on financial markets. Nasdaq and Payward are working on the proposed Nasdaq Equity Tokens (NETs), designed to bring public equities onto tokenized infrastructure while preserving ownership rights, transparency and market integrity.
“Expanding our relationship with Payward reflects our conviction that Kraken can play an important role in building the infrastructure that supports this evolution. Our partnership advances our work on Nasdaq Equity Tokens and helps build a more connected financial system while preserving the trust, transparency and integrity that underpin capital formation.”
Tal Cohen, President of Nasdaq
The investment also follows Nasdaq’s launch of its Digital Liquidity Networks (DLN) markets business, which is focused on connecting liquidity platforms, tokenization capabilities and fintech solutions across the digital asset ecosystem.
The partnership combines Payward’s crypto-native trading infrastructure and xStocks ecosystem with Nasdaq’s experience in regulated market infrastructure, surveillance and capital markets technology.
As part of the expanded relationship, Payward will also adopt Nasdaq’s market surveillance technology across its trading venues, strengthening oversight and market integrity across its platform.
Building Tokenized Equity Markets
Nasdaq and Payward plan to continue developing the infrastructure required to connect Nasdaq Equity Tokens with Payward’s xStocks ecosystem. Nasdaq currently expects to launch NETs in the second quarter of 2027.
The companies are now focusing on the distribution, settlement and trading infrastructure needed to support wider adoption of tokenized equities, including interoperability between traditional market infrastructure and blockchain-based networks.
The development reflects a broader shift in financial markets toward 24/7 trading, programmable assets and tokenized securities, as traditional exchanges and crypto-native platforms increasingly move closer together.
For Nasdaq, the investment represents more than a financial stake in a crypto company. It strengthens a strategic relationship with one of the largest digital asset platforms while giving the exchange a deeper connection to the infrastructure being developed for the next generation of tokenized capital markets.
