Nasdaq will invest $100 million in Kraken’s parent company at a $21 billion valuation

As part of the partnership with the exchange, Payward will implement Nasdaq’s market surveillance technology across all of its trading venues. This will include cryptocurrencies, stocks, tokenized stocks, futures, and options. The companies will also promote Nasdaq Equity Tokens (NETs), which are expected to launch in Q2 2027. Nasdaq plans to integrate the platform with Payward’s xStocks ecosystem.

Payward co-CEO Arjun Sethi noted that more than $2 trillion in stock trades pass through the U.S. clearing system every day. He also emphasized that tokenization will help speed up settlement while preserving shareholder rights. In April 2026, Deutsche Börse invested $200 million in Payward at a valuation of $13.3 billion.