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BTC Nasdaq invested US$100 million in Payward, Kraken's parent company, with a valuation of US$21 billion.
According to Bloomberg reported on Thursday, citing people familiar with the matter, Nasdaq is investing US$100 million in Payward, the parent company of Kraken's cryptocurrency exchange. The deal values Payward at $21 billion.
Deepening cooperation: On-chain distribution of tokenized stocks
This capital injection comes from Nasdaq's venture capital division and further consolidates the partnership established between the two parties in March this year. Under the agreement, Kraken will distribute NASDAQ's tokenized shares on its platform, providing customers with NASDAQ listed equity in the form of tokens. Holders of these tokens enjoy the same voting rights as stocks traded on exchanges.
Currently, most tokenized equity products only grant holders price exposure gains and lack other rights. In contrast, Nasdaq's design puts issuers at the core. The two sides are working together to build a "bridge" to transfer tokenized stocks between regulated traditional financial markets and on-chain crypto markets. Kraken currently provides such services through its enterprise-level business unit Payward Services.
Traditional financial giants accelerate deployment in the encryption field
Nasdaq is one of the latest traditional financial institutions to invest in a cryptocurrency exchange this year. Previously, Intercontinental Exchange Group (ICE), which owns the New York Stock Exchange (NYSE), invested in OKX in March this year with a valuation of US$25 billion, obtained a board seat, and agreed to open the New York Stock Exchange's tokenized stock market to OKX's 120 million users. The following month, Deutsche Börse paid $200 million for a 1.5% stake in Payward.
The listing process has been suspended and valuations are divided
Bloomberg sources revealed that Nasdaq plans to launch its own tokens in the second quarter of next year. However, Payward's valuation has not been unified. In November last year, the company raised $800 million at a valuation of $20 billion; it used that valuation again in April when it agreed to buy derivatives exchange Bitnomial. The shares acquired by Deutsche Börse that month had an implicit valuation of approximately US$13.3 billion, based on Bloomberg calculations.
In addition, Payward has been slow to move towards the public market. The company submitted a confidential version of its S-1 prospectus in November this year, but shelved its listing plan in March. Notably, in the same month, Kraken became the first cryptocurrency company to gain access to the Federal Reserve's core payment system.
