A $200 million bet on bridging crypto and traditional finance

Kraken users will soon gain access to bank-grade foreign exchange liquidity, significantly improving the efficiency of moving money between fiat and digital assets. The upgrade arrives through a deeper integration with Deutsche Börse’s 360T foreign exchange trading venue, enabled by a $200 million investment from the German exchange operator for a 1.5% fully diluted stake in Kraken. The funding, placed with Kraken parent company Payward, cements a strategic partnership first announced in December. Integration with 360T will streamline fiat on- and off-ramps—long a friction point for crypto platforms—by connecting Kraken directly to institutional FX markets. The partnership will also deploy Kraken Embed, allowing banks, fintechs, and other financial institutions across Europe and the U.S. to offer crypto trading and custody services through white-label solutions. Subject to regulatory approvals, the collaboration will extend further: Eurex-listed derivatives are expected to become available for trading on Kraken, and securities held in custody at Clearstream will be tokenized and distributed to Kraken’s client base.