Nasdaq Ventures has invested $100 million into Payward, the parent company of the Kraken crypto exchange. The deal values Payward at $21 billion and aims to fund the development of infrastructure for Nasdaq Equity Tokens (NETs).
The company plans to launch NETs in the second quarter of 2027. These tokens are designed to represent stocks listed on Nasdaq, providing holders with full shareholder rights, including voting capabilities and governance protections.
The initiative utilizes an issuer-sponsored model, where public companies retain control over ownership records. Unlike synthetic derivatives, these tokens are intended to be legally identical to traditional shares.
The platform will leverage Payward’s xStocks infrastructure to support 24/7 trading and near-instant on-chain settlements. This approach aims to replace the current T+1 settlement standard and eliminate market hour constraints.
Nasdaq previously filed a proposal with the SEC in September 2025 to facilitate tokenized trading. The partnership with Payward follows an initial collaboration announcement from March 2026 regarding the international distribution of tokenized assets.
