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Home/Markets & Investing/CRYPTO IRS RULING · KRAKEN

Deutsche Börse’s $200 Million Kraken Stake Bridges Institutional FX and Crypto Liquidity

OT

Oscar Townsend

crypto IRS ruling · Apr 14, 2026

Deutsche Börse’s $200 Million Kraken Stake Bridges Institutional FX and Crypto Liquidity

Source: DojiDoji Data Terminal

Banks and fintechs across Europe and the US now have access to white-label crypto services through the integration of Kraken Embed into Deutsche Börse's infrastructure. This distribution follows a $200 million investment by Deutsche Börse AG in Payward Inc., the parent company of Kraken. The investment, conducted through the acquisition of existing shares from another investor, grants the German exchange operator a 1.5% minority stake in Payward. The transaction values Kraken at approximately $13.3 billion and is expected to close in the second quarter, subject to regulatory approval.

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venture capital

Kraken’s $13.3 Billion Valuation Reveals a 33% Markdown in Exchange Pricing

Kraken is now valued at $13.3 billion, a 33% markdown from the $20 billion valuation the exchange commanded during its November 2024 funding round. This figure was established by Deutsche Börse Group's $200 million investment in Payward Inc., Kraken's parent company. The transaction, which is expected to close in the second quarter of 2026 subject to regulatory approval, gives the Frankfurt-based stock exchange operator a 1.5% fully diluted ownership stake via a secondary market transaction. The investment cements a commercial partnership first announced in December 2025 to build a hybrid market infrastructure for traditional and tokenized assets. Kraken had originally planned a public listing for 2026, but the company has suspended those plans indefinitely, citing unfavorable market conditions.

The partnership integrates xStocks into 360X and utilizes direct integration between Kraken and 360T to improve FX liquidity and fiat on- and off-ramps. The firms are now expanding into derivatives and custody, with plans to bring Eurex-listed products to Kraken. The objective is a hybrid market system that processes conventional securities and blockchain-native assets under one liquidity framework.

Related Brief8h ago
cryptocurrency exchanges

HTX Trading Fees Drop to 0.02% for High-Volume Traders

High-volume traders on HTX can reduce their spot trading fees to 0.02% for maker positions. This tiered fee structure is determined by the volume of trades executed within a 30-day window. The default spot trading fee for users without a trading history is 0.2% for both makers and takers. Traders who execute trades worth over $500,000 in a month pay approximately 0.15%. For those trading over $100 million, maker fees drop to 0.02% and taker fees to 0.04%.

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