Payward Invests Billions to Transform into Unified Financial Infrastructure
Payward, the parent company of the cryptocurrency exchange Kraken, is undergoing a significant transformation by investing billions in acquisitions and partnerships aimed at integrating cryptocurrency with traditional finance. The company reported a 33% increase in adjusted revenue for 2025, reaching $2.2 billion, with over half of this revenue derived from asset-based services rather than just trading fees.
Among its notable acquisitions is the $1.5 billion purchase of NinjaTrader, which enhances Payward's capabilities in derivatives and futures trading. Additionally, the firm acquired Hong Kong-based Reap Technologies for up to $600 million, focusing on stablecoin payment solutions, and Bitnomial for up to $550 million, which adds regulated derivatives exchange functionalities. These acquisitions are intended to create a comprehensive platform that supports trading, payments, custody, and settlement across various asset classes.
In April 2026, Deutsche Börse invested $200 million in Payward, valuing the company at approximately $13.3 billion. This was followed by a $100 million investment from Nasdaq Ventures in September 2026, raising Payward's valuation to $21 billion. The collaboration with Nasdaq includes the development of Nasdaq Equity Tokens, which are expected to launch in the second quarter of 2027, allowing for tokenized versions of Nasdaq-listed stocks with integrated voting rights and 24/7 settlement capabilities.
As of mid-2026, Payward's tokenized equities platform, xStocks, has processed over $25 billion in transaction volume, with $4 billion settled on-chain. However, the rapid pace of acquisitions and the evolving regulatory landscape for tokenized securities present challenges, particularly regarding governance and integration risks as the company works to unify its diverse offerings.
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Source: KLEA News