Nasdaq Invests $100 Million in Payward Ahead of Kraken's Potential IPO
Nasdaq is investing $100 million into Payward, the parent company of crypto exchange Kraken, valuing it at $21 billion. The investment comes from Nasdaq’s venture arm and builds on a March partnership between the two firms. Payward operates xStocks, which tokenizes listed shares for blockchain trading outside regular market hours—a capability that aligns with Nasdaq's goals to expand into digital asset infrastructure. The deal does not accelerate Kraken's IPO timeline; Payward has delayed its SEC filing and now aims for a 2027 listing. The funding eases pressure on the company, though recent financial results show rising revenue but declining profits. Nasdaq’s investment is strategic: it secures access to critical infrastructure rather than just betting on another crypto exchange. The partnership highlights growing institutional interest in blockchain-based trading systems and underscores Payward's role as a key enabler for tokenized assets across major exchanges.
Tickers: $NDAQ
Topics: blockchain crypto IPO venture_capital