Nasdaq will invest $100 million in Payward, the parent company of crypto exchange Kraken, and plans to launch tokenised shares in 2027.

CNBC reported on Sept. 10 that the two companies agreed to build infrastructure for the distribution and trading of tokenised stocks, and market surveillance technology to support it, targeting a launch in the second quarter of 2027.

The agreement expands cooperation the companies previously announced on tests related to Nasdaq Equity Tokens (NETs). They plan to develop a foundation to issue, distribute and trade listed companies' securities and other assets, and other forms of value, in digital form on blockchain networks.

CNBC reported that debate continues over what tokenised shares mean and what rights holders receive because tokenised asset holders do not directly own the underlying assets themselves.

Payward plans to deploy Nasdaq's market surveillance technology across its exchanges, including for crypto trading and tokenised stock trading.

Kraken is seeking to expand beyond cryptocurrencies into stocks, derivatives and other traditional financial products, pushing a shift into a multi-asset trading platform.

The investment valued Payward at $21 billion. Nasdaq CEO Tal Cohen (탈 코언) said how efficiently and smoothly capital and assets move across the financial system will determine the next market evolution, adding that Payward can play an important role in building infrastructure to support such changes.