Overview
- Nasdaq Ventures agreed to a $100 million investment in Payward on Sept. 10, giving the company a reported valuation of about $21 billion and converting a March technology partnership into a financial tie.
- The companies said they plan to roll out Nasdaq Equity Tokens, or NETs, on Payward’s xStocks infrastructure with a target launch in the second quarter of 2027.
- Kraken will serve as a distribution channel for the tokenized Nasdaq-listed shares and the design is billed as issuer-sponsored tokens that aim to preserve shareholder voting rights rather than offer only price exposure.
- Payward will adopt Nasdaq’s market-surveillance tools across its crypto, tokenized-equity, derivatives and equities venues to monitor trading and support regulatory compliance during extended trading hours.
- The deal follows other exchange investments in Payward and reflects a wider push to build rails for near‑round‑the‑clock trading and onchain settlement, but key items such as regulatory approvals, custody arrangements and cross‑venue liquidity remain unresolved.