Deutsche Börse has made a $200M strategic investment in Payward Inc., the parent company of Kraken, marking a major move by a traditional exchange operator into crypto infrastructure.

The investment supports closer integration between traditional market systems and digital asset services, as institutional players continue expanding into crypto.

The deal values Kraken at ~$13.3B, down from $20B five months earlier when it filed for a US IPO, reflecting a shift in market expectations.

Recent updates from Kraken include the launch of the INK Points system on Kraken Pro and the rollout of Nado, a perp DEX on Ink L2, both tied to a future INK token launch expected in Q2–Q3 2026.

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