Key Takeaways
- •Deutsche Börse and Kraken are partnering to merge traditional and digital market infrastructure.
- •Early integrations include linking Kraken to 360T and, pending approval, expanding into Eurex derivatives.
- •Tokenized assets such as xStocks will be incorporated into Deutsche Börse’s 360X platform.
The move reflects a growing trend among major financial institutions: instead of building blockchain infrastructure alone, they are increasingly choosing to collaborate with established crypto players who already operate at global scale. For Deutsche Börse, the partnership marks a shift toward creating a unified environment where tokenized securities, spot crypto markets and regulated financial products can interact seamlessly.
Strengthening Institutional Rails Across Multiple Market Layers
A central objective of the partnership is to give institutional investors smoother and more reliable access to the crypto ecosystem. One of the first building blocks will be Kraken’s integration into 360T, Deutsche Börse’s foreign-exchange network used by banks and asset managers worldwide. This connection will allow Kraken to route orders through bank-grade FX liquidity channels while giving 360T participants a regulated path into digital assets without rewriting their entire operational frameworks.
For institutions that have been hesitant to enter crypto markets due to fragmented liquidity and regulatory uncertainty, this integration is meant to remove some of the most persistent barriers. Deutsche Börse views it as a way to ensure that digital-asset access does not sit outside traditional market infrastructure but becomes part of it.
Opening Doors to Derivatives and Tokenized Securities
Future phases of the collaboration stretch far beyond spot trading. Subject to regulatory approval, Kraken may gain access to Eurex, Europe’s most significant derivatives exchange. This would allow the U.S. exchange to offer regulated futures and options linked to digital assets, giving institutions the ability to hedge their crypto exposure using the same tools they rely on in established markets.
The two companies are also aligning on tokenization. Kraken’s planned acquisition of Backed Finance — the issuer behind xStocks, blockchain-based representations of traditional equities — ties directly into Deutsche Börse’s long-running work on tokenized market infrastructure. The plan is for xStocks and other tokenized instruments to connect with the 360X platform, enabling Clearstream-held securities to be distributed in digital form through Kraken’s client base.
This part of the partnership underscores how both firms see tokenization not as a niche experiment but as a structural shift in capital markets.
A Convergence of Regulatory Strength and Crypto-Native Innovation
Leadership at both companies framed the partnership as a merging of two systems built for scale. Deutsche Börse brings decades of regulated-market infrastructure and clearing expertise, while Kraken contributes liquidity networks, crypto-native technology and a strengthening regulatory footprint in Europe under MiFID and MiCA.
The combination is intended to accelerate Europe’s transition toward digital capital markets — and to position both organizations at the center of that evolution.