Nasdaq Ventures just put $100m into Kraken at a $21bn valuation.

Kraken will distribute tokenized Nasdaq-listed stocks through their infrastructure.

The TradFi money flowing into crypto exchanges right now is worth mapping out:

> ICE (NYSE parent) took a stake in OKX in March. $25bn valuation, board seat.

> Deutsche Borse bought 1.5% of Kraken in April.

> Nasdaq just came in, on Kraken, at $21bn.

> Coinbase bought Deribit for $2.9bn.

> Robinhood bought Bitstamp.

Every major legacy exchange is buying crypto rails.

Every single one of them.

&& Nasdaq isn't just taking equity exposure here.

Payward is adopting Nasdaq's surveillance technology across crypto, equities, tokenized equities, futures, and options. It is quite literally, the incumbent selling compliance infrastructure into crypto.

It REALLY feels like trad-fi wants a piece of crypto again.

It's been a while, but they are most certainly back in full swing.