Nasdaq is investing $100 million in Payward, the parent of crypto exchange Kraken, deepening a tokenized equities partnership first announced in March. The two firms now expect to launch Nasdaq Equity Tokens (NETs) in the second quarter of 2027, the first public timeline for the initiative. Kraken’s venues will also adopt Nasdaq’s market surveillance technology.
Nasdaq becomes the second major exchange group to invest in Payward, following Deutsche Börse’s $200 million secondary purchase in April. In addition to these two, earlier this month Payward announced a collaboration with the London Stock Exchange Group. Payward’s last primary round valued it at $20 billion, so the Nasdaq Ventures investment is a modest increase at a $21 billion valuation, according to Bloomberg. The company has reportedly pushed its IPO to 2027, and Nasdaq will want to be the listing venue.
The deal also confirms Nasdaq’s tokenization push is accelerating. Last month it agreed to acquire the LeveL Markets ATS and created a Digital Liquidity Networks division to house its always-on infrastructure ambitions. That division leads the Payward work.
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