Nasdaq said it would work with crypto exchange Kraken to develop a system for issuing and trading tokenized versions of stocks and other exchange-traded products, according to a press release.
Under the plan, tokenized shares would give investors the same corporate governance rights as common shareholders, including voting proxies and receiving dividends. Nasdaq said the initiative would focus heavily on making securities transactions, such as dividend payments and proxy voting, more efficient by automating parts of the process using blockchain technology. The platform is expected to launch in early 2027.
Kraken will act as the project’s distribution partner. Through this agreement, individual tokenized versions of public company shares would be made available to Kraken clients outside the United States, particularly in Europe and other international markets.
The effort builds on a proposal Nasdaq submitted to the U.S. Securities and Exchange Commission in September seeking approval to allow tokenized versions of its listed stocks and exchange-traded products to trade alongside traditional stocks on the exchange.
In this proposal, tokenized and conventional versions would be settled through the Depository Trust to ensure they remain interchangeable.
Last week, exchange operator ICE made a strategic investment in OKX, valuing the exchange at $25 billion by signing a deal to offer new tokenized stocks and crypto futures products.
Separately, Nasdaq also announced a partnership with Seturion, Boerse Stuttgart Group’s tokenized settlement platform, to connect its European trading platforms to infrastructure designed to support the trading and settlement of tokenized securities.
UPDATE: (March 9, 11:41 UTC) Adds final paragraph about Nasdaq’s partnership with Boerese Stuttgart Group.
UPDATE: (March 9, 1:18 p.m. UTC) Changes quote to Kraken press release.
