Deutsche Borse Group has expanded its ongoing partnership with Kraken, acquiring a $200 million stake in the global cryptocurrency platform’s unified infrastructure layer, Payward.
Specifically, the investment into Payward has been enabled through an acquisition of shares in a secondary transaction, which will provide Deutsche Borse with a 1.5% fully diluted stake in the company.
Currently, the transaction is set to complete in Q2 2026, subject to customary closing conditions and applicable regulatory approvals.
The investment builds on the strategic collaboration between the two firms, unveiled in December 2025, which aims to bridge the gap between traditional and digital markets by integrating both Kraken and Deutsche Borse Group’s complementary capabilities, spanning trading, custody, settlement, collateral management, and tokenised assets.
The first phase of the partnership sees Kraken directly integrating with Deutsche Borse’s subsidiary and FX trading venue, 360T, to provide clients with access to competitive, bank-grade FX liquidity via one of the world’s deepest liquidity pools.
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Moreover, Deutsche Borse Group’s network will be able to leverage regulated crypto trading solution, Kraken Embed, which is expected to expand institutional crypto access and support firms looking to launch crypto trading.
Further developments expected to surface from the collaboration also include the launch of Eurex-listed derivatives for trading on Kraken, opening up trading of cryptocurrencies and derivatives via Crypto Finance and Kraken’s exchange for Deutsche Borse Group clients, as well as the integration of xStocks into 360X’s ecosystem.
Kraken’s US capabilities will also be available to Deutsche Borse Group clients looking to gain exposure to crypto and tokenised assets, while simultaneously, Kraken’s global client base will benefit from Deutsche Borse Group’s European infrastructure.
Speaking when the partnership went live in December, Stephan Leithner, chief executive of Deutsche Börse Group, said: “This collaboration with Kraken is a great strategic fit for Deutsche Börse Group. It underscores our ongoing commitment to shaping the future of financial markets by combining the trust and resilience of our regulated infrastructure with the innovation of the digital asset ecosystem.
“Across our entire value chain this partnership will further enhance our support for institutional clients in the digital asset era and pave the way for digital capital markets.”