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Nasdaq agrees US$100 million Payward investment
11 September 2026 US
Image: Miha_Creative/stock.adobe.com
Nasdaq has agreed to invest US$100 million in Payward, Kraken’s parent company, aiming to advance the infrastructure needed to move capital, assets, and liquidity across markets.
The investment deepens the firms’ existing relationship, which began in March 2026 following Nasdaq’s equity token design in collaboration with Payward.
According to Nasdaq, the agreement reflects its long-term belief in Payward’s potential and role in supporting market modernisation, with the companies planning to partner on infrastructure for tokenised equities, always-on markets, and the convergence of financial systems and DeFi networks.
Payward is bringing Kraken’s crypto-native execution venue and xStocks — one-to-one tokenised US equities and ETFs — and Nasdaq is providing its expertise and regulated market infrastructure, among other things.
As part of the agreement, Payward will adopt Nasdaq’s surveillance infrastructure to “ensure integrity” across its trading venue portfolio.
Commenting on the investment, Tal Cohen, president of Nasdaq, says: “The next era of market evolution will be defined by how efficiently and seamlessly capital and assets move across the financial system with durable, high-integrity liquidity.
“Expanding our relationship with Payward reflects our conviction that Kraken can play an important role in building the infrastructure that supports this evolution.”
The firms will continue to work on Nasdaq Equity Tokens (NETs), which will be connected with xStocks and are expected to launch in the second quarter of 2027.
The investment deepens the firms’ existing relationship, which began in March 2026 following Nasdaq’s equity token design in collaboration with Payward.
According to Nasdaq, the agreement reflects its long-term belief in Payward’s potential and role in supporting market modernisation, with the companies planning to partner on infrastructure for tokenised equities, always-on markets, and the convergence of financial systems and DeFi networks.
Payward is bringing Kraken’s crypto-native execution venue and xStocks — one-to-one tokenised US equities and ETFs — and Nasdaq is providing its expertise and regulated market infrastructure, among other things.
As part of the agreement, Payward will adopt Nasdaq’s surveillance infrastructure to “ensure integrity” across its trading venue portfolio.
Commenting on the investment, Tal Cohen, president of Nasdaq, says: “The next era of market evolution will be defined by how efficiently and seamlessly capital and assets move across the financial system with durable, high-integrity liquidity.
“Expanding our relationship with Payward reflects our conviction that Kraken can play an important role in building the infrastructure that supports this evolution.”
The firms will continue to work on Nasdaq Equity Tokens (NETs), which will be connected with xStocks and are expected to launch in the second quarter of 2027.
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