Kraken Partners With Nasdaq To Build Tokenized Equity Gateway
RWA Signal Insight
StocksKraken parent company Payward has entered a strategic partnership with Nasdaq to develop an equities transformation gateway designed to bridge regulated tokenized equity markets with permissionless blockchain networks. This infrastructure will leverage Kraken’s xStocks product, which has already facilitated over $25 billion in total transaction volume and currently supports more than 85,000 unique holders. The gateway aims to enable the movement of tokenized equities between permissioned environments and open on-chain ecosystems, with a planned launch in the first half of 2027. By utilizing xStocks as the underlying infrastructure, the initiative seeks to address the current fragmentation of liquidity by allowing equities to function as interoperable collateral across various trading and lending platforms. Payward will manage essential KYC and AML compliance while serving as the primary settlement layer for Nasdaq’s issuer-sponsored equity token design. This development represents a significant shift in market structure, moving away from siloed brokerage systems toward a unified margin framework. Ultimately, the project aims to enhance capital efficiency by enabling tokenized shares to be used natively within spot, derivatives, and financing markets.
Key points
- Payward and Nasdaq are building an equities transformation gateway launching in H1 2027.
- Kraken's xStocks product has processed $25 billion in volume with $4 billion settled on-chain.
- The gateway enables interoperability for tokenized equities across permissioned and permissionless blockchain networks.
- Payward will provide KYC/AML services and act as the primary settlement layer for the initiative.
Background
Kraken is a major global cryptocurrency exchange operated by Payward, which has expanded into institutional-grade financial products through its xStocks division. xStocks focuses on the tokenization of traditional financial assets, allowing them to be held and traded on-chain while maintaining regulatory compliance. These products are designed to bridge the gap between legacy financial systems and decentralized finance protocols.