Nasdaq bets big on tokenized stocks with $100 million investment in Kraken parent Payward

The once-novel idea of putting stocks on the blockchain is gaining momentum fast. The latest example came on Thursday morning, when Nasdaq announced a $100 million investment in Payward, the parent company of the cryptocurrency exchange Kraken, that will see the two companies work on new ways to trade tokenized versions of stocks. Kraken’s valuation rose to $21 billion following the investment, according to Bloomberg, which first reported the news.

The announcement builds on Nasdaq’s earlier work with Payward to develop Nasdaq Equity Tokens, or NETs, and connect them with Payward’s xStocks ecosystem. It also follows the Securities and Exchange Commission’s approval of a Nasdaq rule change that permits certain securities to trade and settle in tokenized form. The companies expect to........

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