Nasdaq has invested $100 million in Payward, the parent company of crypto exchange Kraken, valuing the company at $21 billion. The deal was completed through Nasdaq’s venture arm and builds on a previously announced partnership between the two sides. Under that arrangement, Kraken is set to offer tokenized Nasdaq-listed stocks on its platform, giving customers access to digital versions of those shares while preserving the same voting rights attached to traditional equities. The companies are also working on a gateway designed to move tokenized stocks between regulated financial markets and on-chain venues. Bloomberg reported that Nasdaq plans to launch its own token in the second quarter of next year. The report also noted that Nasdaq sought a rule change from the U.S. Securities and Exchange Commission in September last year to allow stocks to trade in tokenized form on regulated venues. The investment adds to efforts by major U.S. market operators to bring blockchain technology into mainstream financial infrastructure.
Nasdaq has invested $100 million in Payward, the parent company of Kraken, in a deal that values the company at $21 billion. The transaction was completed through Nasdaq’s venture investment arm and stems from a partnership the two companies had previously announced.
As part of that cooperation, Kraken will offer tokenized Nasdaq-listed stocks on its platform. Customers will be able to hold digital versions of those shares while keeping the same voting rights as traditional stockholders.
The two companies are also developing a gateway intended to let tokenized stocks move between regulated financial markets and on-chain venues.
Bloomberg reported that Nasdaq plans to launch its own token in the second quarter of next year.
The report added that Nasdaq filed with the U.S. Securities and Exchange Commission in September last year for a rule change that would allow stocks to trade in tokenized form on regulated venues. The investment is the latest step by a major U.S. market operator to bring blockchain technology into traditional financial infrastructure.
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