Kraken–Deutsche Börse Pact Targets Unified Trading Across Crypto, Stocks and Futures

Kraken and Deutsche Börse Group have struck a partnership that aims to turn fragmented crypto, FX and derivatives markets into a single, institutional-grade access point.

The deal combines an established exchange operator and a long-running crypto venue in a bid to make trading, settlement and custody feel the same whether the asset is a token, a stock or a futures contract.

The agreement spans trading, custody, settlement, collateral management and tokenized assets, with the stated goal to give institutions “frictionless” access to both traditional and digital markets through one connected setup.

“Our partnership with Deutsche Börse Group demonstrates what happens when two infrastructures designed for scale and trust intersect,” commented Arjun Sethi, Co-CEO of Kraken.

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Phase one: FX and 360T integration

In the first stage, Kraken will plug directly into 360T, Deutsche Börse Group’s foreign-exchange trading platform. That link will allow Kraken clients to tap bank-grade FX liquidity from one of the deepest pools in the market, which should tighten spreads and improve execution quality for fiat funding and withdrawals.

The partnership also leans on Kraken Embed, the platform’s embedded infrastructure product, to broaden crypto access across Deutsche Börse Group’s network.

Using white-label solutions, the two companies plan to help banks, fintechs and other financial institutions offer compliant crypto trading and custody directly to their own end clients in Europe and the U.S. This model allows institutions to add digital asset services without building full-stack crypto infrastructure in-house.

Subject to regulatory approvals, Eurex-listed derivatives will become tradable on Kraken, giving the exchange’s clients a route into one of Europe’s main regulated futures and options markets.

“By linking traditional and digital markets across a wide range of asset classes, we’re building a holistic foundation for the next generation of financial innovation: defined by efficiency, openness, and client access,” Sethi added.

At the same time, Deutsche Börse Group customers will gain the option to trade cryptocurrencies and related derivatives via Crypto Finance and Kraken’s exchange.

Custody for these activities will rely on Clearstream and Crypto Finance, both part of Deutsche Börse Group, which anchors the structure in existing regulated entities.

Tokenized equities and Clearstream assets

A further strand of the deal focuses on tokenization through xStocks within the 360X ecosystem. By integrating this tokenized equity standard, the partners plan to increase the reach of digital representations of traditional securities.

They also intend to enable the distribution of securities held in custody at Clearstream in tokenized form to Kraken’s client base, which would give investors new ways to access conventional instruments through blockchain rails.

The agreement sets out a two-way geographic bridge between the U.S. and Europe. Kraken will make its U.S. capabilities available to Deutsche Börse Group’s institutional clients that want exposure to crypto and tokenized assets.

In return, Deutsche Börse Group will open its European infrastructure and services to Kraken’s global customers. Both sides present this as a step toward seamless connectivity between traditional markets and the digital asset economy.