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- NDAQ
Nasdaq (NASDAQ: $NDAQ) has invested $100 million U.S. in Payward, the parent company of cryptocurrency exchange Kraken.
The investment by Nasdaq was part of a new funding round that valued Payward at $21 billion U.S. The company had been seeking new capital at a $20 billion U.S. valuation.
Nasdaq’s investment also comes as the exchange known for listing technology stocks develops tokenized market infrastructure and prepares for around the clock trading.
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As part of the funding agreement, Kraken will distribute Nasdaq’s tokenized stocks on its own platform.
The goal is to allow investors to buy and own Nasdaq-listed stocks in a tokenized or digital format but with the same voting rights as traditional stocks that trade on the Nasdaq exchange.
Nasdaq announced plans in March of this year to work with Kraken on the infrastructure needed to put stocks onchain and launch tokenized equities.
Nasdaq is not alone in its push into tokenized stocks and blockchain infrastructure. The New York Stock Exchange (NYSE) is building its own platform for 24-7 trading of digital stocks.
Kraken is a privately held company but is expected to go public within the next year.
NDAQ stock is flat over the past year (down 0.46%) and trading at $94.22 U.S. per share.
Source: <a href="https://finance.yahoo.com/markets/crypto/articles/nasdaq-invests-100-million-kraken-135200836.html” target=”_blank” rel=”nofollow noopener”>finance.yahoo.com