(Bloomberg) -- Nasdaq Inc. said it’s planning a new design for tokenized equities, with publicly traded companies having more control over their shares in tokenized form, including proxy-related and corporate actions as well as governance rights.

The initiative follows a tokenization proposal, filed with the US Securities and Exchange Commission in September, in which Nasdaq said it’s planning to enable equity securities to trade on its markets and settle in token form through the Depository Trust & Clearing Corp. Nasdaq said Monday that partner Payward, the parent company of global crypto platform Kraken, will design a gateway for tokenized equities to move between regulated markets and on-chain markets.

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“Our partnership with Nasdaq helps build the liquidity layer and applications needed for tokenized equities to function within a global, always-on market structure,” Arjun Sethi, co-chief executive officer of Payward and Kraken, said in the statement.

Separately, Nasdaq announced a partnership with Seturion, Boerse Stuttgart Group’s pan-European settlement platform for tokenized assets. Nasdaq’s European trading venues will connect to Seturion for trading of tokenized securities that will be settled through the platform.

Earlier this year, the New York Stock Exchange — a Nasdaq competitor — said it’s building a venue using blockchain technology to allow for trading tokenized stocks and exchange-traded funds around the clock. NYSE, which is owned by Intercontinental Exchange Inc., plans to use its existing technology that matches buyers and sellers, combined with private blockchain networks, for trading of tokenized securities in real time.

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