Nasdaq to Invest $100 Million in Crypto Exchange Parent Company

Nasdaq has agreed to invest $100 million in Kraken’s parent company, Payward; Payward will utilize Nasdaq’s surveillance technology across its crypto and tokenized equity platforms.

Nasdaq has agreed to make a $100 million investment in Payward through its venture capital arm, Nasdaq Ventures. As part of the expanded partnership, Payward—the parent company of Kraken—will use Nasdaq’s trade surveillance technology on its platforms for various financial products.

Nasdaq’s surveillance technology will be utilized across crypto, equities, tokenized equities, futures, and options platforms. According to Nasdaq’s statement, the collaboration focuses on adapting infrastructure from traditional financial markets to blockchain-based products.

According to a Bloomberg report citing people familiar with the matter, Payward is being valued at $21 billion as part of this investment.

2027 Target for Nasdaq Equity Tokens

The parties are advancing Nasdaq’s Nasdaq Equity Tokens (NETs) project in conjunction with Payward’s xStocks ecosystem. The project, which aims to enable tokenized equities to be traded on the blockchain, is expected to launch in the second quarter of 2027.

Nasdaq had previously announced that it would develop the necessary infrastructure for NETs and connect the system with Payward’s xStocks ecosystem. Payward co-CEO Arjun Sethi noted that more than $2 trillion in equity trades pass through the clearing system in the U.S. every day, stating that blockchain-based clearing could reduce waiting times in this process.

Nasdaq President Tal Cohen stated that the partnership reflects the goal of creating an infrastructure that supports capital movements while maintaining trust and transparency. The initial partnership between the two companies began in March 2026, with the aim of developing an equity conversion infrastructure to link regulated markets with blockchain networks.