Nasdaq Stock Exchange Collaborates With Kraken to Introduce Tokenized Stocks to Europe

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TLDR

  • Nasdaq is going to collaborate with the crypto exchange Kraken to develop and distribute tokenized versions of public – company stocks across the globe.
  • Those who hold tokenized stocks will maintain full governance rights, such as the right to vote and receive dividends.
  • The platform aims at European and international markets through Kraken, and it is scheduled to be launched in early 2027.
  • This move is based on a proposal that Nasdaq submitted to the SEC in September 2025, which asked for permission to let tokenized stocks trade alongside traditional shares.
  • Nasdaq has also separately partnered with the Seturion platform of the Boerse Stuttgart Group to support the settlement of tokenized securities in Europe.

Nasdaq has declared a partnership with Payward, the parent company of Kraken, to build the infrastructure for trading tokenized versions of publicly – listed stocks. The platform is set to be launched in early 2027 and will initially focus on markets outside the United States.

Under the agreement, Kraken will serve as a distribution partner. It will offer one – to – one tokenized versions of public – company stocks to customers in Europe and other international markets.

Tokenized stocks are digital versions of real equity instruments recorded on a blockchain. They reflect the price and ownership rights of the underlying stock.

Nasdaq states that token holders will keep full corporate governance rights. This includes voting in proxy ballots and receiving dividends, just like regular stockholders.

The exchange claims that a core objective of the project is to make corporate actions more efficient. Processes like dividend payments and proxy voting would be partially automated through blockchain technology.

Nasdaq will utilize Payward’s xStocks tokenization platform for this initiative. The technology enables clients to transfer securities from traditional institutional trading infrastructure to blockchain networks.

This project didn’t come out of thin air. Nasdaq submitted a proposal to the SEC back in September 2025, requesting permission to allow tokenized versions of its listed stocks and ETFs to trade alongside conventional shares on its exchange.

In that earlier proposal, both the tokenized and traditional versions of the same stock would be settled through the Depository Trust, making them interchangeable.

A Crowded Space

Nasdaq isn’t the only one taking action here. Robinhood, Gemini, and Kraken have already launched tokenized stocks in Europe. Coinbase and the startup Dinari are currently seeking U.S. regulatory approval for similar products.

Last week, ICE, the parent company of the NYSE, made a strategic investment in OKX, valuing the exchange at $25 billion. That deal also included plans to offer new tokenized stock and crypto futures products.

In January, ICE also said it was seeking regulatory approval for a blockchain – based platform to enable 24/7 trading and on – chain settlement of tokenized securities.

Nasdaq’s move comes after the passage of the GENIUS Act, which has helped promote the institutional adoption of digital asset infrastructure.

Nasdaq’s Broader Tokenization Push

Along with the Kraken deal, Nasdaq announced a separate partnership with the tokenized settlement platform, Seturion, of the Boerse Stuttgart Group. That partnership connects Nasdaq’s European trading venues to the infrastructure built for tokenized securities trading and settlement.

Tal Cohen, the president of Nasdaq, said: “Tokenization has the potential to unlock the benefits of an always – on financial ecosystem — enhancing how investors access markets, how issuers engage with shareholders.”

The Kraken partnership is Nasdaq’s most direct step so far in distributing tokenized equity products to retail and institutional investors outside the U.S.