Nasdaq Invests in Kraken Parent Company Payward at $21 Billion Valuation
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Nasdaq invested $100 million in crypto exchange Kraken's parent Payward at a $21 billion valuation, pushing tokenized stocks from regulatory approval toward commercial rollout as traditional exchanges accelerate their merge with crypto infrastructure.
What exactly is the deal?
Nasdaq's venture arm put $100 million into Payward at a $21 billion valuation.
Bloomberg reported the deal citing people familiar with the matter; both sides declined to comment.
This means → Nasdaq is no longer just a partner — it has real money on the line backing Kraken's future.
What are Nasdaq and Kraken building together?
The two announced a partnership in March: Kraken will distribute Nasdaq's tokenized stocks on its platform.
In plain terms = users on Kraken can hold a digital version of Nasdaq-listed shares, with the same voting rights as ordinary stock.
Nasdaq is also building a bridge for tokenized equity to move between regulated venues and on-chain markets.
What does "tokenization" actually mean?
Tokenization — creating a digital representation of a real-world asset on a blockchain — is the technical path toward round-the-clock stock trading.
This means → stocks would no longer be confined to market hours; in theory they could trade 24/7.
The New York Stock Exchange is building its own blockchain-based venue for tokenized stocks and ETFs — both major U.S. exchanges are now in the race.
Where does the regulator stand?
The SEC approved Nasdaq's rule change in March, allowing stocks to trade in tokenized form on regulated venues.
The approval was signed by Chair Paul Atkins, a consistent advocate for tokenization.
This reflects a shift in U.S. regulatory posture from "wait and see" to "green light" — the policy bottleneck is opening.
What should we watch next?
Nasdaq plans to launch its own token by Q2 next year — a key milestone for commercial rollout.
Whether Kraken can leverage its distribution advantage to gain an early lead in the institutional tokenization market is the central question ahead.
Put simply = the regulator has cleared the runway; the race now is who gets the product live and the institutional clients on board first.
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