Nasdaq partners with Kraken to build tokenized stock infrastructure
Nasdaq has announced a partnership with cryptocurrency exchange Kraken to develop infrastructure for tokenized stocks. The project is being implemented together with Payward — Kraken’s parent company — and its subsidiary Backed, which issues tokenized shares known as xStocks.
The main goal of the initiative is to build a system that integrates traditional capital markets with blockchain infrastructure, Cointelegraph reports.
According to Nasdaq President Tal Cohen, tokenization could open access to a 24/7 financial ecosystem. This would allow investors to access markets faster and more easily. The technology could also improve how companies interact with their shareholders. The project continues Nasdaq’s broader strategy of modernizing equity markets.
Infrastructure will connect traditional markets and blockchain
At the center of the initiative is the so-called equities transformation gateway — infrastructure that will allow tokenized shares to move between traditional markets and blockchain networks. The system will ensure regulatory compliance while preserving issuer rights. Nasdaq aims to maintain corporate control over shares even after they are tokenized.
At the same time, the platform will support accurate price discovery for assets. It is also designed to ensure compatibility between financial systems and decentralized networks. This approach could become a key step toward the large-scale adoption of tokenized securities.
Launch expected in 2027
Nasdaq plans to gradually expand the project and attract additional participants. These may include issuers, transfer agents, regulators, and financial market infrastructure providers. Participation in the system will be voluntary for companies.
The exchange expects the platform to begin operating and offer its first services to issuers in the first half of 2027. The project also builds on a Nasdaq initiative submitted to U.S. regulators in September 2025 related to the development of tokenized assets. Another factor was Kraken’s acquisition of Backed in December.
Exchanges accelerate the race for tokenized equities
Nasdaq’s initiative comes amid intensifying competition among major exchanges. Tokenization of equities is becoming a new direction for financial market development. Last week, Intercontinental Exchange — the operator of the New York Stock Exchange — invested in cryptocurrency exchange OKX.
The companies plan to launch trading of tokenized stocks linked to the NYSE as early as the second quarter of 2026. This shows that traditional exchanges are actively exploring ways to integrate blockchain technology. In the long term, tokenization could make stock trading more accessible and global.
Recently we wrote that the total cryptocurrency market capitalization is holding near $2.33 trillion, rising about 1.15% over the past 24 hours, while the Fear & Greed Index stands around 20, still reflecting cautious investor sentiment.
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