Crypto exchange Kraken has entered into an expansive partnership with the Deutsche Börse Group across several areas spanning digital assets, tokenization, FX and derivatives.
The news comes just two days after Kraken confirmed it had acquired Backed which offers xStocks, the tokenized securities offering that’s popular with crypto enthusiasts. On that front, the plan is for Deutsche Börse’s 360X, the DLT Pilot trading venue, to onboard xStocks. Given the Deutsche Börse envisages the $20 trillion in assets on the Clearstream platform eventually being tokenized, it makes sense to embrace new distribution venues such as crypto exchanges.
Apart from the 360X tie up, the companies said that they plan “to enable the distribution of securities held in custody at Clearstream in a tokenized form to Kraken’s client base.” Deutsche Börse clarified that the details still need to be decided regarding which securities might be tokenized, how and when this might happen. Clearstream’s D7 DLT tokenization only went into production last month.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
