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FollowingNasdaq invests US$100 million in Payward to deepen the layout of tokenized stocks
On September 10, Nasdaq announced that through its venture capital arm Nasdaq Ventures will invest US$100 million in Payward, the parent company of cryptocurrency exchange Kraken, to expand the cooperation between the two parties and further promote the development of tokenized stocks. The agreement also introduces a market monitoring arrangement that connects the exchange more closely to the infrastructure that may enable interoperability between regulatory markets and on-chain markets.
$100 million bet on tokenized stocks
Nasdaq Ventures, the strategic investment arm of Nasdaq, has invested $100 million in Payward to support the technology and market infrastructure that drives the long-term evolution of global capital markets. The two companies have adopted an issuer-centered strategy that emphasizes strong governance structures, compliance and market integrity. Within NASDAQ, the partnership is led by Digital Liquidity Networks, a marketing arm that focuses on all-weather infrastructure.
According to the company announcement, the two companies will continue to build the operational and commercial framework of Nasdaq Equity Tokens (NETs). Nasdaq is expected to launch NETs in the second quarter of 2027.
Monitoring Mechanism and NET Roadmap
As part of the expanded partnership, Payward will adopt Nasdaq's market surveillance technology across its portfolio of crypto assets, stocks, tokenized stocks, futures and options. Earlier this year, Nasdaq first outlined plans to develop NETs and introduced a framework designed to connect them to Payward's xStocks ecosystem. [TAG
NASDAQ says this approach is designed to ensure that the rights and protections enjoyed by issuers and investors are preserved as tokenized shares span different market environments.
Why exchanges are looking at blockchain infrastructure
Nasdaq President Tal Cohen said: "The next stage of market evolution will be defined by the efficiency and seamless flow of capital and assets through the financial system, while maintaining sustained liquidity."
Arjun Sethi, co-CEO of Payward, pointed out that on-chain settlement eliminates waiting times. Currently, more than $2 trillion in U.S. stocks are traded every day through clearing houses, which need to hold $10 billion to $20 billion in hedging collateral on transactions that still take a day to settle.
This investment echoes a broader trend of exchanges moving towards tokenized stocks, including the London Stock Exchange's partnership with Payward to launch the UK tokenized stock structure. Wells Fargo served as Nasdaq's only capital markets adviser on the transaction.
