Nasdaq is increasing its involvement in blockchain-based financial infrastructure after agreeing to invest $100 million in Kraken parent company Payward, strengthening the partnership between traditional markets and digital asset technology.
The investment values Payward at approximately $21 billion and comes as both companies work on expanding tokenized equity markets, blockchain settlement systems, and advanced trading infrastructure.
Through the agreement, Nasdaq Ventures will support Payward’s development of tokenized financial products while Payward will integrate Nasdaq’s market surveillance technology across multiple trading environments.
The move highlights the growing connection between traditional financial institutions and blockchain networks as global markets explore faster settlement and digital asset infrastructure.
Nasdaq Investment Gives Payward $21 Billion Valuation
Nasdaq Ventures, the exchange operator’s strategic investment division, confirmed the investment as part of a broader collaboration with Payward.
The reported $21 billion valuation places Payward among the largest privately valued cryptocurrency companies.
The investment follows Payward’s previous fundraising round, where the company secured approximately $800 million at a $20 billion valuation before filing confidential paperwork for a potential initial public offering.
Payward has not yet revealed details about a future public listing, including its ticker symbol, share price, or exchange.
The company continues expanding beyond cryptocurrency trading, building infrastructure around tokenized assets, derivatives, and blockchain-based financial products.
Nasdaq Equity Tokens Expected in 2027
A major focus of the partnership is the development of Nasdaq Equity Tokens (NETs), which are expected to launch in the second quarter of 2027.
The project aims to connect traditional stock markets with blockchain networks by allowing eligible equities to exist in tokenized form while maintaining ownership rights and market protections.
Unlike purely synthetic assets, Nasdaq’s approach focuses on issuer-backed tokenization, designed to preserve:
- Shareholder rights
- Issuer control
- Regulatory protections
- Traditional market governance
Payward’s xStocks platform will provide the blockchain infrastructure supporting the initiative.
The partnership is designed to create a bridge between regulated financial markets and blockchain-based settlement systems.
Payward Expands xStocks Tokenization Platform
Payward’s xStocks ecosystem has become a major part of the company’s tokenization strategy.
The platform allows certain traditional assets to be represented on blockchain networks, enabling faster settlement and broader market accessibility.
Previously, xStocks reported significant growth, including:
- More than $25 billion in transaction volume
- Billions of dollars settled on-chain
- Thousands of holders across supported tokenized assets
The company has also expanded xStocks beyond U.S. equities, exploring additional international markets including Hong Kong, Europe, the United Kingdom, and South Korea, subject to regulatory approval.
The goal is to make tokenized stocks available across multiple regions while maintaining compliance with local financial regulations.
Nasdaq Surveillance Technology Comes to Payward Platforms
Alongside the investment, Payward plans to integrate Nasdaq’s market surveillance technology across its trading platforms.
The system will support monitoring across:
- Cryptocurrency markets
- Traditional equities
- Tokenized equities
- Futures
- Options
Market surveillance is becoming increasingly important as digital asset platforms expand into regulated financial products.
By adopting Nasdaq’s technology, Payward aims to strengthen market integrity and improve investor confidence.
Kraken Parent Expands Beyond Crypto Trading
Payward has continued transforming from a cryptocurrency exchange into a broader financial infrastructure company.
In 2026, the company expanded its derivatives capabilities through the acquisition of Bitnomial, giving it access to regulated U.S. futures infrastructure.
The acquisition strengthened Payward’s position in:
- Futures trading
- Clearing services
- Institutional derivatives
The company’s growing portfolio now includes Kraken, NinjaTrader, Breakout, and CF Benchmarks.
These expansions show Payward’s strategy of competing across multiple areas of financial markets rather than focusing only on spot cryptocurrency trading.
Blockchain Settlement Could Change Financial Markets
One of the biggest opportunities behind tokenized equities is faster settlement.
Traditional financial markets often rely on multiple intermediaries and settlement periods, while blockchain networks can enable near-instant transaction processing.
Payward executives highlighted that on-chain settlement could reduce delays and improve capital efficiency by allowing transactions to complete without extended waiting periods.
However, widespread adoption will depend on regulatory approval, market standards, and cooperation between traditional exchanges and blockchain companies.
Nasdaq and Payward Build Future Financial Infrastructure
The Nasdaq investment represents a significant step toward combining traditional finance with blockchain technology.
Rather than treating crypto as a separate market, major financial institutions are increasingly exploring blockchain as infrastructure for improving existing financial systems.
With Nasdaq’s market expertise and Payward’s blockchain platforms, the partnership aims to create a new model for tokenized securities, faster settlement, and interconnected global markets.
The success of Nasdaq Equity Tokens in 2027 could become an important milestone in the broader adoption of blockchain-based financial products.
