Analysis ยท RWA & Tokenization
The strategic investment deepens a partnership to develop the Nasdaq Equity Token framework and deploy market surveillance technology across Payward's trading venues.
Key point 1 of 3
01
Nasdaq Ventures is investing $100 million in Kraken's parent company, Payward, to advance tokenized market infrastructure.
Key point 2 of 3
02
The companies plan to launch the Nasdaq Equity Token (NET) infrastructure in the second quarter of 2027.
Key point 3 of 3
03
Payward will adopt Nasdaq's market surveillance technology across its crypto, equities, futures, and options trading venues.
Context
Nasdaq proposed enabling tokenized equity trading and DTCC settlement to the SEC in September 2025, followed by its equity token design announcement in March 2026.
Why it matters
Public issuers gain programmable tools for proxy voting and corporate actions, while global investors get 24/7 access to tokenized U.S. equities with instant settlement.
What to watch
The commercial launch of Nasdaq Equity Tokens (NETs) and associated DLT services, scheduled for the first half of 2027.
Sources
Built from 2 primary sources, machine-checked before publication.
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