NEW YORK, March 9, 2026 — Nasdaq will collaborate with Payward Inc., the parent company of cryptocurrency exchange Kraken, to develop infrastructure supporting the tokenization of securities, the exchange operator said Monday, according to Reuters.
The collaboration will involve the use of Payward’s xStocks tokenization platform, enabling institutional clients to move securities from conventional trading infrastructure onto blockchain networks.
Tokenization converts traditional financial assets such as equities, bonds, funds and other financial instruments into blockchain-based digital representations that can be issued, transferred and settled using distributed ledger infrastructure.
Exchanges expand tokenization infrastructure
The initiative reflects growing interest among exchange operators and financial institutions in blockchain-based systems capable of supporting digital representations of traditional securities.
In September, Nasdaq sought approval from the U.S. Securities and Exchange Commission to allow trading in securities issued in either traditional digital form or as tokenized instruments.
The exchange operator said its tokenization initiatives will focus on extending core capital-markets functions to blockchain-based systems, including corporate actions, shareholder proxy voting and issuer engagement with investors.
Competition in tokenized equity markets
Several trading venues and financial technology firms have been exploring tokenized equity products or blockchain-based settlement systems.
In January, Intercontinental Exchange, the parent company of the New York Stock Exchange, said it was seeking regulatory approval for a platform designed to enable continuous trading and on-chain settlement of tokenized securities.
Crypto-focused platforms including Robinhood Markets, Gemini Trust Company and Kraken have explored or introduced tokenized equity offerings in certain jurisdictions.
Meanwhile, Coinbase and U.S.-based startup Dinari are seeking regulatory approval for similar products in the United States.
European tokenization infrastructure
Nasdaq also announced a separate collaboration with Boerse Stuttgart to connect tokenized securities trading infrastructure across European markets through Boerse Stuttgart’s blockchain settlement platform.
“Tokenization has the potential to unlock the benefits of an always-on financial ecosystem — enhancing how investors access markets and how issuers engage with shareholders,” said Tal Cohen, president of Nasdaq.
The initiative reflects a broader push by exchanges and financial institutions to explore blockchain-based settlement infrastructure for traditional securities markets.
