xStocks Launch on 360X, Extending the Leading Standard of Tokenized Equities to Deutsche Börse Group Clients

Launch underscores Kraken and Deutsche Börse Group’s partnership to bridge traditional and digital asset markets.

ST. HELIER, Jersey & FRANKFURT, Germany--(BUSINESS WIRE)--xStocks, one of the most widely-adopted tokenized equity standards, backed by Kraken, is now available to trade on 360X, a regulated secondary trading venue for financial instruments backed by Deutsche Börse Group.

From today, Deutsche Börse clients and participants on 360X can trade five xStocks assets – CRCLx, GOOGLx, NVDAx, SPYx, TSLAx – against stablecoins. 360X’s BaFin and ESMA-regulated trading venue plans to expand coverage over time. The launch significantly broadens institutional access to xStocks, and further accelerates adoption of the leading token standard globally, by trading volume and unique holders.

Since their inception in May 2025, xStocks have seen rapid uptake, surpassing nearly $20 billion in total trading volume. Each xStock is backed 1:1 by the underlying equity or ETF and held with a licensed custodian in a bankruptcy-remote structure, combining on-chain efficiency with institutional-grade expectations. Interoperable across a range of centralized and decentralized environments, xStocks helps unlock a range of new opportunities for Deutsche Börse Group clients.

“The rapid adoption of xStocks reflects strong global demand for digitally native instruments that provide exposure to established financial markets,” said Mark Greenberg, Global Head of Consumer and VP of Product for xStocks. “Integrating with a leading distribution channel like 360X means Deutsche Börse Group clients can now access one of the most liquid ecosystems for tokenized financial instruments.”

“The listing of xStocks represents a significant milestone for 360X and demonstrates how our regulated trading infrastructure is delivering market outcomes,” said Carlo Kölzer, CEO of 360T, 360X and Global Head of FX & Digital Assets at Deutsche Börse Group. “As Deutsche Börse Group, we are pleased that this listing represents a key pillar of the Group’s partnership with Kraken, establishing a strong foundation for institutional-grade trading of tokenized securities and anticipating the continued convergence of digital assets and traditional capital markets.”

Today’s announcement marks the first major milestone following Kraken and Deutsche Börse Group’s strategic partnership announced in December. Spanning FX, custody, settlement and tokenized assets, the partnership aims to combine regulated market infrastructure with crypto-native expertise in order to unlock products and services that deliver holistic experiences for institutional clients.

“Bringing xStocks into the 360X ecosystem is a headline example of how our partnership with Deutsche Börse Group is translating into regulated, scalable solutions for a broader swathe of investors,” Greenberg said. “xStocks enable round-the-clock trading of established financial assets with instant settlement, unlocking a broader range of use cases and utilities than are typically available in traditional equity markets.”

Not available for U.S. clients.

About Kraken

Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms globally. Kraken clients trade more than 600 digital assets, traditional assets such as U.S. futures and U.S.-listed stocks and ETFs, and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Trusted by millions of institutions, professional traders and consumers, Kraken is one of the fastest, most liquid and performant trading platforms available.

Kraken’s suite of products and services includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken’s onchain offerings and the Ninja Trader retail trading platform. Across these offerings, clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access advanced trading, derivatives, and portfolio management tools.

Kraken has set the industry standard for transparency and client trust, and it was the first crypto platform to conduct Proof of Reserves. It complies with regulations and laws applicable to its business, while actively protecting client privacy and maintaining the highest security standards.

For more information about Kraken, please visit www.kraken.com.

About 360X

360X is a BaFin- and ESMA regulated investment firm and trading venue based in Frankfurt, backed by Deutsche Börse Group and Commerzbank. The venue empowers the future of on-chain capital markets by offering a secure marketplace for wholesale and institutional participants to trade digital financial instruments across multiple asset types.

360X provides OTC, MTF, and DLT-MTF market segments with seamless connectivity via REST API, FIX protocol, and the Deutsche Börse Group Member Section. Designed to be technology and settlement agnostic, the platform supports all major DLT solutions and allows for flexible settlement using crypto, stablecoins, or traditional means.

For more information, please visit www.360x.com.

Trading xStock involves significant risks including possible loss of capital and is not appropriate for all investors. Read xStocks offering Documentation and Risk Disclosure on eu.kraken.com.