TL;DR
- Strategic Investment: Nasdaq invested $100 million in Payward to accelerate tokenized market infrastructure and advance Nasdaq Equity Tokens.
- Tokenized Equities: The company will support NET development, expand xStocks capabilities, and help Kraken offer tokenized versions of Nasdaq-listed stocks.
- Market Evolution: The partnership aims to build always-on settlement systems, strengthen surveillance across the company’s platforms, and support the growing $2.9 billion tokenized equities market.
Nasdaq has taken a significant step into tokenized market infrastructure through a $100 million investment in Payward, the parent company of Kraken. The move strengthens a relationship that has been expanding throughout the year and signals Nasdaq’s commitment to building market systems designed for continuous settlement and global liquidity movement.
Nasdaq Expands Its Tokenization Ambitions With Payward
Nasdaq Ventures led the investment, positioning Payward as a central partner in the development of Nasdaq Equity Tokens. The deal also enables Kraken to offer tokenized versions of Nasdaq-listed stocks on its platform, creating a direct link between traditional equity markets and emerging digital settlement rails. Sources familiar with the matter indicated that the investment valued the company at $21 billion.
The collaboration builds on Nasdaq’s earlier plans to acquire Level Markets and its ongoing work on always-on market infrastructure. Nasdaq filed a tokenization proposal with the US Securities and Exchange Commission last year, and the partnership with Payward is now shaping the operational foundation for NETs, which are expected to launch in the second quarter of 2027.
Payward’s Growing Role In Tokenized Equities
The company has become a key player in the tokenized equities sector, supported by its xStocks ecosystem. The company’s technology allows tokenized shares to move across multiple chains and integrate with DeFi platforms. Earlier this year, Payward partnered with the London Stock Exchange to introduce 24/5 trading access for tokenized UK equity products beginning in 2027.
The investment from Nasdaq follows Deutsche Börse’s $200 million commitment in April, reinforcing Payward’s position in the shift toward blockchain-based securities. Data from RWA.xyz shows that tokenized stocks now exceed $2.9 billion in distributed value, reflecting growing interest in digital settlement.
Nasdaq and Payward will also expand their relationship through a market surveillance agreement, bringing Nasdaq’s monitoring tools to Payward’s trading venues. Leaders from both companies highlighted that the next phase of market evolution depends on infrastructure capable of moving assets seamlessly across environments without compromising investor protections. Wells Fargo served as Nasdaq’s exclusive capital markets advisor on the transaction.
