The U.S. exchange group Nasdaq has agreed to invest $100 million in Payward, the parent company of the cryptocurrency exchange Kraken.
The investment will be made through Nasdaq Ventures and is intended to deepen the companies’ collaboration in the areas of tokenized stocks, 24/7 trading, and the integration of traditional financial infrastructure with blockchain.
Nasdaq and Payward are working on the Nasdaq Equity Tokens (NETs) system. The idea is to create a digital representation of traditional stocks while preserving ownership rights, transparency, and corporate governance.
The project demonstrates that tokenization is no longer an experiment limited to cryptocurrency companies. Major traditional exchanges are gradually beginning to build their own blockchain infrastructure.
Almost simultaneously, the London Stock Exchange Group announced a partnership with Payward. As part of the project, the plan is to tokenize the 100 largest companies traded on the London Stock Exchange.
In the future, tokenized shares are expected to be admitted to trading on the LSE 24 platform, which is designed to provide significantly longer trading hours compared to a traditional trading session.
According to Reuters Breakingviews, the global market for tokenized shares currently stands at only about $3 billion, with monthly turnover of less than $30 billion—a figure that remains insignificant compared to traditional markets.
Nevertheless, the involvement of Nasdaq, the LSE, and other major operators marks the transition of tokenization to the next phase—the integration of blockchain infrastructure directly into regulated stock markets.
The main advantages of the technology include the ability to settle transactions almost instantly, fractional ownership, expanded trading options, and the use of tokenized securities as collateral in digital financial systems.
The main unresolved issue remains the rights of token holders: not all existing digital equivalents of stocks automatically grant investors voting rights or dividends. This is precisely why traditional exchanges are striving to create models in which a digital token is as legally similar as possible to a conventional stock.
According to Fixygen, the line between traditional banks and the crypto industry is rapidly blurring. In March 2026, Kraken Financial received a Federal Reserve master account, becoming the first digital bank with direct access to the U.S. payment infrastructure.
Kraken already operates as a special-purpose bank in Wyoming and, at the same time, holds over 100 active regulatory licenses in more than 30 countries.
On the other hand, traditional banks are exploring the possibility of issuing their own stablecoins and tokenized deposits. JPMorgan is studying the possibility of issuing a stablecoin, and similar projects are being discussed by Bank of America, Wells Fargo, and other banks.
Even crypto companies are beginning to obtain federal banking licenses: in August, the U.S. OCC granted World Liberty Financial preliminary approval to establish a national trust bank to handle stablecoins and store assets.
As a result, in a few years, the distinction between a “bank” and a “crypto exchange” may no longer be defined by the range of services offered.
Both sides aim to provide services such as asset custody, payments, stablecoins, trading, tokenized securities, credit products, and international settlements.
The main battle will center on who can keep customers within their own financial infrastructure—JPMorgan, Coinbase, Kraken, or the new digital banks.
According to Fixygen, Deutsche Börse confirmed on Tuesday that it had acquired a stake in the U.S. crypto exchange Kraken for $200 million. The group’s official statement notes that the investment was structured as a secondary transaction and gives Deutsche Börse a 1.5% fully diluted stake in Payward Inc., the infrastructure company behind Kraken.
The company emphasized that the deal deepens the strategic partnership with Kraken, announced back in December 2025. It covers regulated crypto products, tokenized markets, derivatives, as well as solutions to enhance liquidity for institutional clients across various regions.
Deutsche Börse stated that the collaboration will expand into the areas of trading, custody, settlement, collateral management, and tokenized assets. The group noted that the investment aligns with its strategy to build a hybrid market infrastructure capable of handling both traditional securities and blockchain-based tokens within a single liquidity pool.
The deal is expected to close in the second quarter of 2026, subject to standard closing conditions, including obtaining the necessary regulatory approvals. Reuters notes that Deutsche Börse announced in 2025 the launch of crypto custody and settlement services through Clearstream, and in 2024 launched its own platform for trading crypto assets.
Deutsche Börse Group is the operator of the Frankfurt Stock Exchange and one of the largest infrastructure players in the European financial market. Kraken is one of the largest crypto platforms in the U.S. and has been collaborating with Deutsche Börse since late 2025 to integrate traditional and digital markets.
