Payward valuation soars to $21B in $100M Nasdaq tokenization expansion

Nasdaq Ventures has committed $100 million to Payward, the parent company of the Kraken exchange, in a strategic investment that deepens their existing partnership. This deal, which reportedly values Payward at $21 billion, positions Kraken as a primary distribution hub for Nasdaq’s upcoming tokenized stock product, known as Nasdaq Equity Tokens (NETs). Unlike many existing tokenized equity offerings that provide only synthetic price exposure, these NETs are designed to grant holders full voting rights equivalent to traditional shares. The launch of these tokens is currently scheduled for the second quarter of 2027. This collaboration integrates Nasdaq’s advanced market surveillance technology across Payward’s diverse trading ecosystem, including crypto, futures, and tokenized assets. The move reflects a broader trend of major exchange operators, such as the Intercontinental Exchange and Deutsche Börse, securing stakes in crypto-native platforms to bridge traditional finance with digital asset infrastructure. By standardizing voting rights for tokenized equities, this initiative aims to address a significant limitation in current RWA market offerings and enhance the institutional utility of blockchain-based securities.