Timeline
- 7.5
LSEG plans 24/5 trading and tokenized equity system
London Stock Exchange Group (LSEG) is planning to introduce 24/5 trading and a tokenized equity system, per a report by Cryptonews.net. The plan would extend trading beyond the traditional London cash-equity session and add blockchain-based representation of listed shares. A major traditional exchange operator adopting round-the-clock hours and tokenized settlement would blur the line between conventional market infrastructure and crypto-native venues, potentially forcing rival exchanges and brokers to follow. It also strengthens the broader real-world-asset (RWA) tokenization narrative that crypto firms have been promoting. The 24/5 label refers to continuous trading from Sunday evening through Friday evening, leaving weekends closed, rather than a true 24/7 market. Tokenized equity systems typically use blockchain tokens backed 1:1 by actual shares held in custody, which requires corporate records and on-chain data to stay synchronized; LSEG's plan is described as a proposal rather than a launched product.
- 8.5
Nasdaq Invests $100M in Kraken Parent Payward for Tokenized Equities Push
Nasdaq will invest $100 million in Payward, the parent company of crypto exchange Kraken, in a deal that values Payward at roughly $21 billion. The partnership is aimed at advancing tokenized equities and always-on, around-the-clock trading markets. This is one of the clearest signals yet that a top-tier traditional exchange operator sees tokenization and 24/7 market structure as strategic rather than experimental. It accelerates the convergence of crypto market infrastructure with mainstream equities trading, affecting exchanges, brokers, custodians and tokenization platforms alike. The investment is a strategic stake rather than an acquisition, and Payward remains the parent of Kraken alongside its other businesses spanning custody, payments, lending and onchain finance. Tokenized equities — digital tokens representing shares in companies or ETFs — are the specific product area the two firms intend to develop.
- 8.0
Nasdaq to Invest $100M in Kraken Parent Payward, Targets 2027 Tokenized Stocks
Nasdaq Ventures has agreed to invest $100 million in Payward, the parent company of crypto exchange Kraken, and the two firms said Payward will deploy Nasdaq market-surveillance technology across its crypto, equities, tokenized equities, futures and options venues. The companies also said they will keep building the operational and commercial systems for planned Nasdaq Equity Tokens (NETs), now targeted for a second-quarter 2027 launch. The deal deepens the convergence between traditional exchange infrastructure and crypto trading venues, placing a major U.S. exchange operator inside both the transaction and monitoring layers of a tokenized-equity system. If the 2027 timetable holds, Nasdaq-backed surveillance on a crypto-native venue could become a template for how tokenized equities are policed and distributed across jurisdictions. The announcement describes an agreement to invest rather than a completed transaction, and it does not disclose a closing date, Payward's valuation, Nasdaq's ownership percentage or governance rights. NETs are issuer-sponsored tokens designed to preserve issuer control and the legal rights of the underlying shares, and they should not be treated as equivalent to existing third-party tokenized-stock products; the tokens are not in circulation today.
- 8.0
Nasdaq Invests $100M in Kraken Parent Payward at $21B Valuation
Nasdaq Ventures agreed to invest $100 million in Payward, the parent company of crypto exchange Kraken, in a deal that values Payward at $21 billion according to Bloomberg sources. As part of the agreement, Kraken will distribute tokenized versions of Nasdaq-listed stocks on its own platform and adopt Nasdaq's surveillance technology across its crypto, equities, tokenized equities, futures and options venues. This is the third time this year that an established traditional exchange operator has taken a stake in a crypto exchange, following Deutsche Börse's $200 million investment in Payward in April, and it deepens the convergence between traditional market infrastructure and crypto trading venues. For Nasdaq, the deal buys distribution into round-the-clock tokenized equity trading; for Kraken, it brings institutional-grade surveillance and a blue-chip equity partner into its multi-asset expansion. Kraken's tokenized Nasdaq stocks would reportedly carry the same voting rights as ordinary shares, and the investment builds on a partnership between the two firms announced in March. The valuation figure came from people familiar with the matter rather than a formal disclosure, and the deal followed Nasdaq's plan announced a month earlier to acquire Level Markets as part of its push into 'always-on' markets.
- 8.5
LSE Teams with Kraken Parent to Tokenize 100 UK Blue-Chip Stocks
London Stock Exchange (LSE) has partnered with Payward, the parent company of crypto exchange Kraken, to launch tokenized versions of 100 London-listed blue-chip stocks on its new LSE 24 night-time trading venue. Trading is expected to begin in 2027, subject to regulatory approval, with Payward's Backed subsidiary issuing the xStocks tokens. This marks one of the most significant steps by a major traditional exchange into blockchain-based equity trading, bridging TradFi and crypto infrastructure. It signals growing institutional acceptance of tokenized securities and could accelerate adoption of 24/5 trading with fractional ownership across other exchanges. The tokenized stocks will trade on LSE 24, a new 24/5 venue operating Monday to Friday, announced on July 21. The initiative is part of a broader trend: Nasdaq, CME Group, ICE, and Deutsche Börse have all made moves into tokenized equities or related infrastructure, with Deutsche Börse investing $200 million in Payward in April.