Nasdaq's venture arm has invested $100 million into Payward, the parent company of the Kraken crypto exchange. This transaction values the firm at $21 billion. The deal expands upon a partnership between the two companies that was initially established in March.
Under the agreement, Kraken will distribute Nasdaq's tokenized stocks on its platform. These tokens will provide holders with the same voting rights as traditional shares listed on the exchange. Nasdaq is currently developing a gateway to facilitate the movement of these tokenized equities between regulated and on-chain venues.
This investment follows similar moves by other major exchange operators this year. In March, Intercontinental Exchange invested in OKX at a $25 billion valuation, while Deutsche Börse acquired a 1.5% stake in Payward in April for $200 million. Nasdaq also reportedly plans to launch its own token in the second quarter of next year.
Payward's valuation has fluctuated over the past year. The company raised $800 million at a $20 billion valuation last November. Additionally, the firm previously filed a confidential S-1 for a public listing, though it later shelved those plans in March, the same month it gained access to the Federal Reserve's core payments system.
