Catenaa, Monday, December 08, 2025- Kraken and Deutsche Borse Group agreed to a strategic partnership that links traditional market systems with crypto platforms across trading, custody, settlement, derivatives and tokenized assets, reports said over the weekend
The deal creates a cross-market connection between a global exchange operator and a major cryptocurrency firm. The companies said institutional clients will gain broader access to both digital assets and regulated market products.
Kraken will open its US trading and custody infrastructure to Deutsche Borse clients. Deutsche Borse will extend its European network to Kraken’s institutional users.
The first phase centers on foreign exchange integration through 360T, a subsidiary of Deutsche Borse. Kraken plans to offer bank-grade FX liquidity to improve fiat ramp activity and execution.
The partnership will also expand service options through Kraken Embed, a white-label tool for banks and fintechs that want regulated crypto trading and custody in Europe and the United States.
Pending approvals, Kraken users could access Eurex derivatives. Custody services would involve Clearstream and Crypto Finance systems.
Both firms plan to combine tokenization efforts. Kraken intends to use xStocks, a tokenized equity format gained through its recent purchase of Backed Finance.
That standard will link with Deutsche Borse’s 360X platform. The companies may also allow Clearstream-held securities to be distributed in tokenized form through Kraken.
Kraken has moved deeper into institutional work this year and confidentially filed for a US IPO after reaching a valuation near $20 billion.
