Nasdaq’s (NASDAQ:NDAQ) venture arm has agreed to put $100 million into Payward, the parent company of crypto exchange Kraken, as the two firms widen a collaboration focused on tokenized stocks and continuous market infrastructure.
The announcement, issued on September 10, 2026, frames the stake as a strategic step rather than a simple financial bet.
Nasdaq Ventures invests in technologies that support the long-term development of capital markets.
Officials said the money reflects confidence that Payward can help build systems that let capital and assets move more efficiently while keeping issuer control, regulatory compliance, and market integrity intact.
Work inside Nasdaq is being led by Digital Liquidity Networks, the unit charged with creating always-on market rails.
The investment expands a partnership first disclosed in March 2026. At that time the companies said they would create an equities transformation gateway linking regulated, permissioned markets with blockchain networks through Payward’s xStocks framework.
That earlier plan already positioned Payward as a settlement layer for tokenized versions of public-company shares in eligible jurisdictions, with compliance services covering customer onboarding.
The new agreement continues that work and sets a clearer public timetable: Nasdaq Equity Tokens, or NETs, are now expected to launch in the second quarter of 2027.
NETs are designed as issuer-sponsored digital representations of Nasdaq-listed equities.
Unlike many existing tokenized products, they are intended to retain the governance rights, regulatory framework, and market protections of traditional shares.
The companies say the tokens should be able to move between conventional institutional venues and permissionless blockchain environments without stripping away those rights.
Payward’s xStocks product, which has already processed tens of billions of dollars in volume, is slated to serve as a core distribution and settlement layer.
A second element of the expanded relationship is market surveillance.
Payward will deploy Nasdaq’s surveillance technology across its trading venues, covering cryptocurrency, cash equities, tokenized equities, futures, and options.
Nasdaq described the move as a way to support market integrity and investor confidence as Payward’s platforms handle a broader mix of assets.
Nasdaq President Tal Cohen said future market evolution will depend on how smoothly capital and assets can travel across the financial system with durable liquidity.
He added that deepening the Payward relationship advances Nasdaq Equity Tokens and aims to produce a more connected system without sacrificing the trust and transparency that support capital formation.
Payward Co-CEO Arjun Sethi pointed to the scale of existing US equity clearing—more than $2 trillion in trades processed daily, with most activity netted and collateral held while settlement waits—and argued that on-chain settlement can eliminate that delay.
The next phase, he said, is to place Nasdaq Equity Tokens on rails that do not close while leaving shareholder rights unchanged.
Separate reports, citing people familiar with the terms, have said the investment values Payward at $21 billion.
Nasdaq’s official statement did not confirm that figure.
The stake follows other traditional-exchange interest in Payward and comes as the company has delayed a previously discussed public listing. Together the moves illustrate how market operators are pairing with digital-asset platforms to test 24-hour trading and blockchain settlement while trying to keep familiar regulatory and governance features.