Nasdaq Agrees to Invest $100 Million in Payward, Targets Q2 2027 NET Launch
Key Facts
Nasdaq (NDAQ) said on September 10, 2026, that its investment arm, Nasdaq Ventures, agreed to invest $100 million in Payward, the parent company of Kraken. The agreement expands the companies’ relationship through continued work on the Nasdaq Equity Tokens (NETs) framework and a new market-surveillance agreement.
The companies expect to launch NETs in the second quarter of 2027 (Q2). Before then, they plan to develop the required operational and commercial infrastructure, including distribution, trading and post-trade capabilities, making the launch date a forward-looking target rather than a guarantee.
The project builds on a previously announced Nasdaq framework connecting NETs with Payward’s xStocks ecosystem. The intended architecture would allow tokenized equities to move between regulated market environments and open blockchain networks in eligible jurisdictions, with Payward initially providing the primary settlement layer.
A tokenized security is a digital representation of a financial asset or its associated rights recorded through a blockchain or another distributed ledger. Under Nasdaq’s earlier U.S. proposal, the tokenized form was designed to carry the same value, rights, benefits and CUSIP identifier as the conventional security, with DTC handling clearing and settlement after the tokenized format is selected.
The expanded relationship also calls for Payward to adopt Nasdaq’s market-surveillance technology across venues covering crypto, equities, tokenized equities, futures and options. Nasdaq says the project is being designed around issuer rights, governance, regulatory compliance and market integrity, with the aim of supporting market transparency and investor confidence.
For investors, the next measurable milestone is execution of the expected second-quarter 2027 launch (Q2) and delivery of the announced trading and settlement capabilities. Nasdaq says the project’s benefits and Payward’s adoption of its surveillance technology are forward-looking and could differ because of implementation, regulation and market conditions: the investment agreement and partnership expansion have been announced, while product availability remains prospective.
Latest Updates · 4
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Update: Additional details reveal that Nasdaq has made a direct investment of $100 million into Payward as part of this collaboration. This funding round has pushed the market valuation of Payward's Kraken platform to $21 billion, strengthening confidence in the financial viability of the digital equity tokens project.
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Update: In a new development strengthening this collaboration, Nasdaq has announced plans to invest $100 million in Payward, the parent company of Kraken. This direct investment is intended to accelerate the development of tokenization infrastructure and deepen technical integration between the two entities ahead of the targeted 2027 launch.
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Update: Nasdaq has strengthened its partnership with a $100 million strategic investment in Payward, the parent company of Kraken, valuing the firm at $21 billion. This capital injection is specifically aimed at accelerating the infrastructure development required for the 2027 launch of tokenized equities.
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Update: Nasdaq has further solidified its commitment to the project, with its venture arm announcing a $100 million investment in Payward. This funding is intended to accelerate joint efforts in equity tokenization and deepen technical cooperation between the two entities ahead of the targeted 2027 launch.