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Nasdaq and Kraken Partner to Build Stock Token Future

Nasdaq anticipates its tokenization services will be operational in first half of 2027.
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Mar 9, 2026 • 2 min read

Kraken is partnering with Nasdaq to develop next-generation tokenization infrastructure that is capable of connecting equity capital markets with decentralized blockchain networks.

What's the Scoop?

  • Planning Stages: According to a press release, Kraken (DBA Payward) is working with Nasdaq to enable the seamless movement of tokenized equities between permissioned traditional markets and permissionless DeFi ecosystems. In a statement to the Wall Street Journal, Nasdaq confirmed it is collaborating with Kraken and other firms as it explores how best to integrate tokenized stock offerings.
  • Next Gen Infrastructure: Nasdaq's tokenization initiative seeks to preserve issuer control, comply with existing regulatory frameworks, and the maintain underlying rights associated with company shares (such as the ability to vote in corporate governance actions and receive dividend payments). Nasdaq anticipates its tokenization services will be operational in first half of 2027.
  • Growing Competition: Last week, NYSE parent company Intercontinental Exchange (ICE) announced a strategic investment in OKX at a $25B valuation, securing a license to the crypto exchange’s price feeds and seat on OKX's Board of Directors. Pending regulatory approval, the deal will also allow OKX customers to trade ICE’s U.S. futures and NYSE tokenized equities.
  • Regulatory Hangup: Six months ago, Nasdaq filed with one of its primary regulators, the Securities and Exchange Commission, to permit the trading of tokenized securities alongside its traditional offerings. Approval is necessary before tokenized stocks can trade through Nasdaq.
Payward partners with Nasdaq to develop xStocks-powered gateway connecting permissioned and permissionless tokenized equities markets
xStocks will power the permissionless infrastructure layer supporting Nasdaq’s issuer-sponsored equity tokens, enabling transfers seamlessly between regulated capital markets and decentralized blockchain ecosystems in eligible jurisdictions
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