Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingNasdaq injects US$100 million into Kraken's parent company Payward to deepen the integration of tokenized stocks with mainstream capital markets.
Nasdaq is investing US$100 million in Kraken's parent company Payward, a move aimed at deepening the alliance between the two parties and promoting the closer integration of tokenized stocks into mainstream capital markets. According to Bloomberg and cited by multiple media outlets, this investment by Nasdaq Ventures valued Payward at approximately $21 billion.
More importantly, the investment expands the cooperation framework agreed by Nasdaq and Payward in March to connect regulated stocks to blockchain infrastructure. The two companies are jointly developing "Nasdaq Equity Tokens"(NETs), which are currently expected to be launched in the second quarter of 2027. Payward will leverage its existing xStocks infrastructure to connect the system to the network, while fully adopting Nasdaq's market monitoring technology in its crypto assets, stocks, tokenized stocks, futures and options businesses.
Kraken's valuation soared with xStocks business
This $21 billion valuation is eye-catching because Payward was reportedly valued at approximately $20 billion when it sought financing in May this year, compared with a much lower valuation in previous financing discussions. As a result, Nasdaq is investing in more than just a cryptocurrency exchange.
Kraken has been actively expanding into stocks, derivatives and tokenized assets. Its stock service for European markets is now online, allowing qualified customers not only to access thousands of traditional U.S. stocks, but also to trade more than 700 xStocks products. The tokenization business has also expanded rapidly. Payward said in March this year that xStocks 'trading volume has exceeded US$25 billion, of which more than US$4 billion has been settled online, with more than 85,000 holders. According to a recent report from Coinpaper, xStocks 'trading volume has exceeded $38 billion as it expands in European markets.
This strong business momentum explains why Nasdaq is willing to invest directly rather than just license its technology.
Nasdaq is committed to building a round-the-clock stock trading track
The larger context is the change in the stock trading structure. Nasdaq said its NET framework is designed to allow stocks to flow in different market environments while retaining ownership, governance rights and investor protection mechanisms. Kraken will assist in distributing these assets through blockchain-based infrastructure.
Unlike certain synthetic stock tokens, the planned Nasdaq product is expected to retain shareholder rights, such as voting rights. This is a major difference when regulators and issuers debate what rights tokenized ownership represents.
Timing is crucial. Recently, the weekly spot trading volume of tokenized stocks has reached nearly US$3 billion, and Robinhood Chain, BNB Chain and Solana have become leading online platforms. The rapid growth of tokenized stocks is forcing traditional exchanges to compete with native cryptocurrency platforms in terms of trading times and settlement speeds.
