Nasdaq Advances Tokenized Asset Infrastructure with Seturion and Kraken Partnerships

Nasdaq has entered into a partnership with Seturion, a tokenized settlement platform under Boerse Stuttgart Group, to connect its European trading venues to blockchain-based infrastructure for trading and settling tokenized securities, initially focusing on structured products.

The March 9, 2026 announcement follows Nasdaq’s separate partnership with Kraken parent company Payward to develop an “equities transformation gateway” for distributing tokenized versions of public company stocks to international markets, with both initiatives aimed at modernizing fragmented post-trade infrastructure and expanding blockchain adoption in traditional finance.

Seturion Partnership for European Settlement

Infrastructure Integration

The partnership with Seturion will connect Nasdaq’s European trading venues to the platform’s blockchain-based settlement infrastructure, enabling the trading and settlement of tokenized securities through the network. The collaboration initially targets structured products, with plans to expand to additional asset classes and market participants over time.

Seturion, launched by Boerse Stuttgart Group, supports all asset classes across both public and private blockchains, providing a versatile foundation for tokenized securities infrastructure.

Addressing Market Fragmentation

The initiative seeks to address Europe’s patchwork of post-trade systems, which creates inefficiencies in cross-border securities settlement. According to the announcement, “Europe’s capital markets are highly fragmented, with numerous post-trade infrastructure providers and legal divergence across the European Union, resulting in higher costs, longer settlement cycles, and operational complexity.”

By linking its venues to Seturion, Nasdaq aims to streamline this process through blockchain technology, creating what it describes as a “single, unified settlement platform.”

Executive Commentary

Roland Chai, president of European market services and head of digital assets at Nasdaq, stated that “tokenization presents a transformative opportunity to address inefficiencies in settlement and securities processing workflows, while preserving the trust, stability, and regulatory rigor that underpin well-functioning markets.”

Kraken Partnership for Tokenized Equity Distribution

Equities Transformation Gateway

In a separate announcement, Nasdaq revealed a partnership with Kraken’s parent company Payward to develop infrastructure linking tokenized equities to blockchain networks. The initiative centers on building an “equities transformation gateway,” with Nasdaq’s equity token framework expected to become operational in the first half of 2027.

Under the plan, tokenized shares would give investors the same corporate governance rights as ordinary stockholders, including voting in proxy ballots and receiving dividends. The platform will focus heavily on making corporate actions such as dividend payments and proxy voting more efficient by automating parts of the process through blockchain technology.

Distribution Model

Kraken will act as a distribution partner for the project, making one-to-one tokenized versions of public company shares available to customers outside the United States, particularly in Europe and other international markets.

SEC Proposal Context

The effort builds on a proposal Nasdaq submitted to the U.S. Securities and Exchange Commission in September 2025 seeking approval to allow tokenized versions of its listed stocks and exchange-traded products to trade alongside traditional shares on the exchange. In that proposal, both tokenized and conventional versions would be settled through the Depository Trust to ensure interchangeability.

Broader Industry Context

Traditional Finance Integration

The partnerships reflect a broader push by traditional financial market operators to integrate blockchain and crypto infrastructure. Earlier in March 2026, Intercontinental Exchange, the parent company of the New York Stock Exchange, invested in crypto exchange OKX at a $25 billion valuation, signing a deal to offer new tokenized stocks and crypto futures products.

Strategic Timing

Both initiatives come as financial markets increasingly explore tokenization’s potential to improve settlement efficiency, reduce operational complexity, and expand access to traditional assets through blockchain-based distribution channels.

FAQ: Nasdaq Tokenization Partnerships

Q: What is the scope of Nasdaq’s partnership with Seturion?

A: The partnership will connect Nasdaq’s European trading venues to Seturion’s blockchain-based settlement platform, initially focusing on structured products with plans to expand to additional asset classes. The goal is to address Europe’s fragmented post-trade infrastructure through unified blockchain settlement.

Q: How will Nasdaq’s partnership with Kraken work?

A: Nasdaq is developing an “equities transformation gateway” expected to launch in early 2027. Kraken will distribute one-to-one tokenized versions of public company stocks to customers in Europe and other international markets. Token holders will retain the same governance rights as traditional shareholders, including voting and dividends.

Q: When will these initiatives become operational?

A: The Seturion partnership is proceeding with initial focus on structured products. The Kraken partnership’s equity token framework is expected to become operational in the first half of 2027, pending regulatory developments.

Q: What regulatory framework applies to Nasdaq’s tokenized equity proposal?

A: Nasdaq submitted a proposal to the SEC in September 2025 seeking approval to allow tokenized versions of its listed stocks and ETFs to trade alongside traditional shares, with both versions settled through the Depository Trust to ensure interchangeability.