Payward in Advanced Infrastructure Talks with BNY Mellon to Expand Nasdaq Equity Token Ecosystem

Nasdaq Ventures committed $100 million to Payward last month, valuing the firm at $21 billion and extending collaboration on tokenized equities.

The accord stipulates that Nasdaq and Payward will further develop the operational and commercial infrastructure for Nasdaq Equity Tokens. Payward will also implement Nasdaq’s market‑surveillance technology across its crypto, equities, tokenized‑equities, futures and options venues.

Nasdaq Equity Tokens are slated to launch in the second quarter of 2027, linking Nasdaq’s regulated markets with Payward’s xStocks ecosystem while safeguarding shareholder rights, regulatory protections and issuer control.

Payward runs the Kraken crypto exchange and a diversified suite of trading, payments and infrastructure businesses. Its offerings include spot crypto, derivatives, tokenized equities, custody, staking, payments and traditional securities. Via Payward Services, the firm provides infrastructure solutions to banks, fintechs, brokerages and payment companies.

Payward has accelerated its growth through strategic acquisitions, building a comprehensive financial‑services platform. In April the firm agreed to acquire U.S. crypto derivatives operator Bitnomial for up to $550 million, followed by a $600 million purchase of stablecoin‑payments provider Reap. Those deals followed the company’s $1.5 billion acquisition of retail futures platform NinjaTrader in 2025.

CoinDesk reported last month that Payward has postponed its planned initial public offering to at least the second quarter of 2027, after previously shelving the listing amid challenging market conditions.

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