Deutsche Börse has invested $200 million in Payward Inc., the parent company of Kraken, in a significant indication of growing institutional confidence in cryptocurrencies.
Deutsche Börse now has a 1.5% stake in the company, which is valued at $13.3 billion, far less than its prior $20 billion valuation. The investment expands upon the two companies’ current collaboration, which aims to connect digital assets with traditional financing.
Together, they hope to provide institutional investors with a smooth infrastructure for trading, custody, settlement and tokenised assets. By introducing cryptocurrency services and assisting stablecoins in post-trade processes, Deutsche Börse has already been broadening its digital asset footprint.
Kraken’s IPO goals are still in focus at the same time. The strategy may have lagged because of market conditions, according to reports, despite the exchange’s confidential filing with the U.S. Securities and Exchange Commission.
Going public is still part of the long-term plan, though, as co-CEO Arjun Sethi just confirmed the file.
Even while it continues to get significant institutional support, the business seems to be waiting for more regulatory clarification and increased market confidence before proceeding.
Source: X.com
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