Nasdaq Invests $100 Million in Kraken Parent Payward

Payward-owned Kraken is a major global cryptocurrency exchange, while Franklin Templeton is a traditional asset manager. Their partnership centers on bringing fund yields, collateral and trading services onto blockchains, allowing institutional investors to use tokenized assets within a compliant framework. The deal also reflects Wall Street’s accelerating push into asset tokenization.

As of July 20, 2026, Payward and Franklin Templeton had announced plans to jointly develop tokenized yield products, blockchain-based funds and institutional crypto market services. Kraken also plans to accept the BENJI tokenized money market fund as collateral. The companies have not disclosed the value of the partnership, a specific launch date or expected yields.

Payward, the parent of cryptocurrency exchange Kraken, which was founded in 2011, is expanding in derivatives, payments and stablecoins to reduce its reliance on spot trading. Its fundraising valuation and operational streamlining will directly affect the pricing of a future U.S. IPO and investor confidence.

Payward was reported on May 8, 2026, to be in talks for a new funding round at a $20 billion valuation. On May 14, reports emerged that it was cutting about 150 jobs, equivalent to 5% of its workforce of nearly 3,000. The company is also pursuing acquisitions, buying Bitnomial for $550 million and Reap for $600 million as it broadens its business ahead of a listing.