Nasdaq to invest $100M in Payward

• Nasdaq has agreed to invest $100 million in Payward, Kraken’s parent company.
• Payward will adopt Nasdaq’s market surveillance technology across its trading venues.
• The firms expect to launch Nasdaq Equity Tokens in Q2 2027.

Nasdaq has agreed to invest $100 million in Payward, Kraken’s parent company.

The deal expands a partnership that began in March to develop tokenised equity infrastructure.

“The next era of market evolution will be defined by how efficiently and seamlessly capital and assets move across the financial system with durable liquidity,” said Tal Cohen, President, Nasdaq.

Payward will also adopt Nasdaq’s market surveillance technology across crypto, equity and tokenised equity venues.

Nasdaq expects its Equity Tokens to launch in the second quarter of 2027, while its shares closed at $94.22 on September 9.

The companies began working together in March on a gateway linking regulated markets with blockchain networks.

Payward will bring Kraken’s crypto trading platform and xStocks infrastructure, while Nasdaq provides market infrastructure and surveillance technology.