Nasdaq is investing $100 million in Payward, the parent company of cryptocurrency exchange Kraken, in a deal that reportedly values the company at $21 billion. The investment deepens an existing partnership focused on bringing traditional financial assets onto blockchain networks.
Nasdaq Expands Tokenization Strategy
Nasdaq’s investment arm is backing Payward as established financial exchanges increasingly explore tokenized securities. The companies are developing infrastructure that could allow tokenized equities to move between regulated markets and blockchain-based financial networks.
The partnership builds on an agreement announced earlier this year. Payward and Nasdaq are working on an equities gateway designed to connect permissioned capital markets with permissionless decentralized finance networks.
Nasdaq’s planned equity-token framework aims to preserve traditional shareholder protections and regulatory requirements while adding blockchain-based settlement and transfer capabilities.
Payward’s Expanding Financial Platform
The investment comes as Payward continues to expand Kraken beyond conventional cryptocurrency trading. The company has added derivatives, payments, custody and tokenized-equity services to its broader financial platform.
Payward also agreed earlier this year to acquire Bitnomial in a transaction that valued Payward at $20 billion. The deal strengthened Kraken’s position in regulated U.S. derivatives markets and added to its growing financial infrastructure.
Kraken has also been building momentum in tokenized equities through its xStocks platform. The company said its tokenized-equity ecosystem had surpassed $25 billion in transaction volume earlier this year.
Institutional Finance Moves Deeper Into Crypto
Nasdaq’s investment highlights the growing convergence between traditional financial markets and cryptocurrency infrastructure. Major exchanges are increasingly exploring blockchain technology as investors demand faster settlement, broader market access and new forms of digital ownership.
For Payward, the reported $21 billion valuation marks another step up from its $20 billion valuation in a previous transaction. The latest investment also gives Nasdaq a closer strategic relationship with one of the largest global crypto platforms as tokenized securities move toward wider institutional adoption.
