Nasdaq Invests $100 Million in Kraken Parent Payward to Accelerate Tokenized Stock Push

In a press release on September 10, Nasdaq announced a $100 million investment in Payward, the parent company of Kraken. This investment is part of a broader partnership expansion that will continue to advance the work on the Nasdaq Equity Token (NET) framework and introduce a new market surveillance agreement. The investment aims to support the evolution of tokenized market infrastructure.

The NET framework is expected to launch its first tokens in the second quarter of 2027, forming a foundation for tokenized equities to operate across various market environments. Nasdaq President Tal Cohen highlighted the importance of this partnership, stating that the next era of market evolution will be defined by efficient and seamless capital and asset movement across the financial system.

Payward Co-CEO Arjun Sethi emphasized the significance of the $2 trillion daily stock trades in the U.S. clearing system and the potential for reducing settlement time from two days to one. The collaboration will advance Nasdaq Equity Tokens onto rails that do not close, maintaining shareholder rights. Payward's tokenization-focused partnership with Nasdaq was announced in March, with the goal of developing an "equities transformation gateway" that links tokenized equity capital markets with decentralized blockchain networks.