Nasdaq Inc. is investing $100 million in Payward, the parent company of cryptocurrency exchange Kraken.
The deal values Payward at $21 billion.
Nasdaq’s venture arm is funding the investment to expand a partnership focused on tokenized stocks.
The companies are building infrastructure to move tokenized equities between traditional financial markets and blockchain networks.
Kraken will distribute Nasdaq’s tokenized stocks, which will offer full shareholder voting rights.
Payward will also implement Nasdaq’s market surveillance technology across its trading platforms.
The partners expect to launch the tokenized equities in the second quarter of 2027.