Kraken and Deutsche Börse Join Forces to Unify Traditional and Crypto Markets

Highlights:

• Kraken and Deutsche Börse have integrated their platforms for institutional access across markets.
• The partnership expands crypto and traditional market integration through innovative solutions.
• The collaboration leverages regulated infrastructure to support institutional clients globally.

Kraken, a US-based cryptocurrency exchange, and Deutsche Börse Group have joined forces to create a seamless transition between the digital and traditional markets. The partnership will harmonize the two financial spheres, providing better services to institutional clients. Integrating Kraken with the regulated infrastructure of Deutsche Börse, the collaboration seeks to offer easier access to both digital assets and traditional financial markets.

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Integrating FX Liquidity and Crypto Trading Services

The initial step of the partnership will be the integration of Kraken with 360T, a subsidiary of Deutsche Börse Group. 360T is reputed to be among the largest foreign exchange (FX) trading platforms in the world. This connection enables Kraken customers to experience the bank-grade FX liquidity to enhance the fiat-to-crypto process. In addition, it enhances the efficiency of on-and off-ramping, and institutional clients will be able to conduct trades with high reliability and at competitive prices.

The collaboration will also utilize Kraken Embed to make institutions have wider access to crypto, alongside the FX liquidity integration. Kraken and Deutsche Börse plan to make white-label solutions available to banks, fintech firms, and other financial institutions. This will enable such institutions to offer compliant and secure crypto trading and custody services to their customers in Europe and the U.S.

We just announced a groundbreaking partnership with Deutsche Börse Group to bring TradFi & crypto closer than ever.

FX via 360T is phase one. Derivatives, enhanced liquidity, Embed, & xStocks are next.

Institutional access is getting a serious upgrade.https://t.co/rtunQkmtyn

— Kraken (@krakenfx) December 4, 2025

Arjun Sethi, the co-CEO of Kraken, explained the strategic significance of the partnership. He stated,

“We are connecting traditional and digital markets in a wide range of asset classes to create a holistic base for the next wave of financial innovation.”

Expanding Derivatives and Tokenized Assets Access

The potential expansion into the largest regulated derivatives market in Europe is one of the notable outcomes of the Kraken and Deutsche Börse collaboration. Kraken will start providing access to Eurex-listed derivatives, subject to regulatory approval. Eurex is among the leading futures and options exchanges in Europe. The combination of its services with the Kraken platform will consequently provide the institutional clients with a wider exposure to the world of regulated crypto derivatives.

The partnership will also focus on tokenized assets, which are increasingly becoming popular in the financial industry. The two entities will collaborate to introduce xStocks into the Deutsche Börse’s 360X platform. xStocks represent tokenized stocks and will help bridge digital and traditional equities. Kraken introduced xStocks in the EU in September due to the increased demand for tokenized equities.

On 2nd December, Kraken announced that it is acquiring Backed Finance AG. This acquisition gives Kraken full authority over the issuance, trading, and settlement of these tokenized equities.

📣 We’re bringing @BackedFi, the company driving the issuance of xStocks, fully into Kraken.

Why? Because tokenized equities won’t reach global scale without unified rails.

With @xStocksFi now fully in-house, we’re accelerating the future of open, 24/7 capital markets 👇…

— Kraken (@krakenfx) December 2, 2025

Creating a Two-Way Bridge for Global Markets

Geographic access is also highlighted in this collaboration. Kraken will provide its U.S. offerings to institutional clients of Deutsche Börse Group seeking exposure to crypto and tokenized assets. On the other hand, Deutsche Börse will offer its solid European infrastructure to the worldwide customer base of Kraken.

Deutsche Börse CEO Stephan Leithner pointed out that the collaboration is a logical combination in which the Deutsche Börse’s trusted infrastructure is combined with the innovation of the digital asset ecosystem.

He stated:

“This partnership with Kraken highlights our determination to transform the future of financial markets.”

The joint venture also covers the possibility of distributing securities held by Clearstream in tokenized versions. Clearstream is a subsidiary of Deutsche Börse Group, which focuses on the custody service.

Recently, Deutsche Börse signed a Memorandum of Understanding with AllUnity, a regulated e-money, to integrate its euro-backed stable EURAU into the infrastructure of Deutsche Börse. Under the plan, EURAU is to receive institutional-grade custody through Clearstream. Moreover, Deutsche Börse and SG -FORGE are collaborating to introduce euro-and dollar-denominated stablecoins in their systems to enhance post-trade services.

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