Nasdaq Ventures agreed last month to invest $100 million in Payward at a $21 billion valuation while expanding the companies’ collaboration on tokenized equities.
Under that agreement, Nasdaq and Payward will continue to develop the operational and commercial infrastructure for Nasdaq Equity Tokens. Payward will also adopt Nasdaq’s market-surveillance technology across its crypto, equities, tokenized-equities, futures and options venues.
The companies expect to launch Nasdaq Equity Tokens in the second quarter of 2027. The initiative is intended to connect Nasdaq’s regulated markets with Payward’s xStocks ecosystem while preserving shareholder rights, regulatory protections and issuer control.
Payward operates the crypto exchange Kraken alongside a growing collection of trading, payments and infrastructure businesses. Its products span spot crypto, derivatives, tokenized equities, custody, staking, payments and traditional…
