Nasdaq Inc. is reportedly investing $100 million into Payward, the parent company of the cryptocurrency exchange Kraken. While neither party has officially confirmed the transaction, sources indicate the deal values the crypto firm at $21 billion.
The partnership aims to develop infrastructure for tokenized stocks. Under the agreement, Kraken plans to distribute Nasdaq-listed stocks in tokenized form directly on its platform, allowing users to hold these assets digitally.
This move follows a broader trend of traditional financial institutions integrating with crypto infrastructure. In January, the New York Stock Exchange announced plans for a platform to trade tokenized US equities and ETFs on the blockchain with 24/7 settlement.
Kraken has recently expanded its presence in traditional finance. Last week, the company announced a partnership with SoFi Technologies to route customer crypto orders through Kraken Prime, the institutional brokerage arm launched in 2025, and list SoFi’s stablecoin.
