Nasdaq Invests in Payward for Tokenized Stocks
Nasdaq invests in Payward to expand tokenized equities and add Nasdaq surveillance at Kraken, a tie that could redirect trading flows to tokenized stocks.
KEY TAKEAWAYS
- Nasdaq agreed to invest $100 million in Payward to deepen tokenized-equities collaboration.
- Kraken platforms will distribute Nasdaq Equity Tokens and adopt Nasdaq surveillance across venues.
- Nasdaq Equity Tokens were expected to launch in the second quarter of 2027.
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On Sept. 10, 2026, Nasdaq invested $100 million in Payward Inc. (P‑KRAK), the parent company of Kraken, through its venture arm Nasdaq Ventures. The investment deepens their collaboration on tokenized equities and market surveillance, with plans to launch Nasdaq Equity Tokens (NETs) in the second quarter of 2027, the companies said in a press release.
Investment and Partnership Details
Nasdaq Ventures made a strategic minority investment in Payward, paired with an expanded commercial and technology partnership. The deal does not involve an acquisition or change of control, allowing Payward to remain independent while strengthening Nasdaq’s ties to the platforms that will distribute its tokenized products.
This investment builds on a March 2026 collaboration that introduced the Nasdaq Equity Token framework and began integrating it with Payward’s xStocks ecosystem. Nasdaq said the effort is led by its Digital Liquidity Networks (DLN) business, which focuses on building always-on market infrastructure to move capital, assets, and liquidity more efficiently worldwide.
Tokenization and Market Integrity
Nasdaq Equity Tokens are blockchain-based representations of publicly traded shares designed to preserve issuer rights and investor protections typical of regulated markets. These permissioned tokens aim to bridge traditional exchanges and distributed-ledger environments while maintaining the legal and economic features of ordinary stock.
Kraken’s trading platforms will distribute tokenized versions of Nasdaq-listed stocks, enabling customers to hold and trade Nasdaq securities on Payward’s networks. The tokens are structured to carry shareholder voting rights equivalent to those attached to traditional shares traded on Nasdaq’s exchange.
As part of the expanded partnership, Payward will adopt Nasdaq’s market-surveillance technology across its crypto, equities, tokenized equities, futures, and options venues. Nasdaq described the tools as market-leading and said the collaboration will proceed "while maintaining an issuer-centric approach grounded in strong governance, regulatory compliance, and market integrity." The combination of tokenized market infrastructure with established surveillance aims to support market integrity and investor confidence at scale.
Following the announcement, secondary reports indicated that the U.S. Securities and Exchange Commission approved trading and settlement of certain stocks in tokenized form, aligning with the partners’ emphasis on regulatory compliance and governance.
The companies said they will advance the operational and commercial infrastructure for NETs—including global distribution, trading, and post-trade capabilities—ahead of the expected launch. This effort aims to extend regulated market plumbing onto rails that support 24/7 trading.
