Nasdaq Launches Issuer-First Tokenized Equity Gateway With Kraken


Nasdaq has partnered with crypto exchange Kraken and its subsidiary Backed to develop an equities transformation gateway aimed at connecting traditional stock market infrastructure with blockchain-based networks.


Backed is the issuer behind xStocks, a tokenized equities platform that Kraken acquired in December 2024.


The gateway is designed to allow tokenized equities to move between regulated markets and global on-chain markets while preserving issuer rights, regulatory compliance, and price integrity.


Nasdaq said participation in the program will remain voluntary and that the exchange plans to work with additional issuers, transfer agents, regulators, and other market participants as the framework develops.


Nasdaq president Tal Cohen said tokenization has the potential to "unlock the benefits of an always-on financial ecosystem," improving how investors access markets and how issuers engage with shareholders.


The partnership connects Nasdaq's market infrastructure with the xStocks ecosystem to create interoperability between financial systems and decentralized networks.

image
March 10, 2026 at 3:22 PM