Nasdaq Ventures has agreed to invest $100 million in Payward, the parent company of Kraken. The investment is part of an expanded relationship covering tokenized equities, market infrastructure and trade surveillance.
Payward announced the agreement on September 10, 2026. The release describes an investment agreement, not a completed transaction, and does not disclose Payward's valuation or other financial terms.
Payward and Nasdaq plan to continue developing the operational and commercial infrastructure for Nasdaq Equity Tokens, known as NETs. The companies expect NETs to launch in the second quarter of 2027.
The NET framework is intended to connect with Payward's xStocks ecosystem while preserving the rights and protections associated with the underlying securities. The next phase will cover global distribution, trading and post-trade capabilities.
Payward will also adopt Nasdaq's market surveillance technology across its trading venues. According to the announcement, that includes crypto, equities, tokenized equities, futures and options.
The announcement strengthens the institutional relationship behind Kraken and xStocks, but it does not introduce a product that clients can use immediately.
Payward and Nasdaq have not published the equities that may be available through NETs, supported jurisdictions, client eligibility, fees or the exact relationship between NETs and existing xStocks products. The second-quarter 2027 launch is an expectation rather than a guaranteed date.
The confirmed developments are the $100 million investment agreement, continued work on NETs and Payward's planned adoption of Nasdaq surveillance technology. Details about individual assets and client availability will require later announcements from Payward, Kraken or Nasdaq.
Sources: Payward press release and Payward announcement on X.
Ready to get started? Register with a referral code and check Kraken for current offers.
Register with code