Frankfurt Stock Exchange and Zetra owner Deutsche Börse (DB1) have acquired a $200 million stake representing 1.5% in Payward, the parent company of cryptocurrency exchange Kraken.
The deal, which values the company at $13.3 billion, is expected to close in the second quarter, subject to regulatory approval, Deutsche Börse said in an email Tuesday.
Deutsche Börse partnered with Kraken last December to bridge traditional and digital markets and accelerate institutional adoption of cryptocurrencies in Europe.
“This partnership, which spans trading, custody, settlement, collateral management and tokenized assets, enables a new range of enhanced products and services that provide seamless access to both ecosystems for institutional customers,” Deutsche Börse said in an email.
Kraken announced in November that it planned to go public, but it is said to have put the process on hold due to unfavorable market conditions that have since taken hold, CoinDesk reported last month. In November, it also announced $800 million in funding, including $200 million from Citadel Securities.
An initial public offering (IPO) is still under consideration, but will not be considered until the situation improves.
