Nasdaq invests $100 million in Kraken parent Payward at $21 billion valuation

Nasdaq has agreed to invest $100 million in Kraken parent Payward as the two companies expand their work on tokenized equities, market surveillance and blockchain-based settlement infrastructure. Summary Nasdaq Ventures will invest $100 million in Kraken parent Payward, valuing the company at $21 billion. Payward will deploy Nasdaq’s market surveillance technology across its crypto, equity, futures, options and tokenized equity venues. Nasdaq and Payward expect Nasdaq Equity Tokens to launch in the second quarter of 2027. The companies began working together in March to connect regulated equity markets with blockchain networks through the xStocks ecosystem. Nasdaq said Thursday that its strategic investment arm, Nasdaq Ventures, had agreed to make the investment as part of an expanded relationship with Payward. The deal values the privately held company at $21 billion, Bloomberg reported, citing people familiar with the matter. The companies are working toward a second-quarter 2027 launch for Nasdaq Equity Tokens, or NETs, while Payward will deploy Nasdaq’s market surveillance technology across trading venues covering crypto, equities, tokenized equities, futures and options. The i...