Kraken and Deutsche Börse has announced a strategic partnership that will integrate crypto with traditional market infrastructure.

Kraken And Deutsche Börse Have Partnered Up

As announced in a press release, US-based digital asset exchange Kraken has teamed up with Deutsche Börse Group to bridge crypto and traditional finance and deliver institutional investors access across asset classes.

Headquartered in Frankfurt, Deutsche Börse Group is one of the biggest financial market infrastructure providers in the world. It operates the Frankfurt Stock Exchange, which ranks the 12th largest in market cap globally.

In the first phase of the partnership, Kraken will integrate directly with 360T, a subsidiary of the German multinational corporation that provides foreign-exchange trading services. This integration will provide Kraken clients access to the latter’s foreign-exchange liquidity.

The partnership will go the other way, as well. Via Crypto Finance, another Deutsche Börse subsidiary, and Kraken, Deutsche Börse Group clients will be able to trade cryptocurrencies and derivatives.

The two firms also plan to leverage Kraken Embed, the crypto trading infrastructure solution created by Kraken, to provide institutions in Deutsche Börse Group’s network with digital asset access.

The press release noted:

Together, the companies will develop advanced white-label solutions enabling banks, fintechs, and other financial institutions to offer secure, compliant crypto trading and custody services to clients across Europe and the U.S.

Another thing Kraken and Deutsche Börse Group are collaborating on is integration of xStocks in the ecosystem of 360X, Deutsche Börse’s tokenized trading venue. xStocks is a stock tokenization standard that has been gaining adoption. Kraken announced the acquisition of Backed, the company behind xStocks, just this Tuesday.

Arjun Sethi, Kraken Co-CEO, said:

By linking traditional and digital markets across a wide range of asset classes, we’re building a holistic foundation for the next generation of financial innovation: defined by efficiency, openness, and client access.

The companies are also looking to make derivatives listed on Deutsche Börse Group’s Eurex, the largest futures and options marketplace in Europe, available on Kraken, if regulators provide the nod.

Stephan Leithner, Deutsche Börse CEO, noted:

This collaboration with Kraken is a great strategic fit for Deutsche Börse Group. It underscores our ongoing commitment to shaping the future of financial markets by combining the trust and resilience of our regulated infrastructure with the innovation of the digital asset ecosystem.

Back in October, the German organization also announced another crypto partnership, this one with USDC issuer Circle. The collaboration aimed to integrate the latter’s USD and EUR stablecoins in the former’s infrastructure to boost stablecoin adoption in Europe.

Bitcoin Price

At the time of writing, Bitcoin is trading around $92,500, up 1% over the last week.

A sudden drop in XRP balances across major crypto exchanges has led to speculations about how this might affect the cryptocurrency’s price action. The movement was highlighted by analyst Vincent Van Code, who explained that the transfers are not simply a sign of long-term holders scooping up supply. 

Instead, he pointed to the expanding influence of newly launched Spot XRP ETFs, which are now absorbing a significant share of market activity that once took place on retail platforms.

ETF Demand Is Pulling Liquidity Away From Exchanges

Van Code noted that billions of XRP leaving Binance, Upbit, and Kraken are largely flowing into ETF custodial wallets. This changes the way the market reacts to buying and selling pressure because retail exchanges now operate with thinner liquidity. When daily trading volume on those platforms averaged around the multi-billion-dollar range, it required very large orders to create noticeable price movement. 

Now that volume has contracted, even moderate-sized trades can produce sharp intraday swings. The effect is a market environment that is fundamentally supported by ETF buying, yet increasingly sensitive to smaller sell-offs or sudden bids.

Even as exchange liquidity drops, Van Code noted that high-frequency trading firms are preventing price dislocations. These groups have already mastered the arbitrage models used in Bitcoin and Ethereum ETFs, and they have now adapted the same systems for XRP. 

Whenever the ETF price drifts above or below its underlying value, the bots immediately correct the gap, keeping both markets tightly aligned. This mechanism makes sure that XRP still gets purchased during ETF creation events and provides a layer of structural stability, even though retail charts may begin to show more frequent spikes and dips.

What This Means For XRP’s Approach To New Price Highs

In Van Code’s view, the long-term picture for XRP is strengthened by this shift, even though the short-term experience for traders may become more uncomfortable. When XRP enjoyed daily spot volumes in the range of $2 billion to $3 billion on exchanges, you would typically need more than $200 million in concentrated buying or selling to push the price 5% to 10% in either direction. 

Now that on-exchange volume has dropped toward levels below $1 billion a day, the equation looks very different. A sell order or resistance wall of around $15 million can now swing XRP by roughly 12% to 18% within a single hour in these thinner conditions. However, the saving grace is these arbitrage bots. 

According to the analyst, XRP is still on track to reach $5. However, until the price adapts to reduced spot volume on exchanges, traders should be prepared for air pockets up to 20% in price, where relatively modest buy or sell flows can cause outsized moves.

Less than five minutes after meeting with Todd Humphrey at a Seattle coffee shop, the longtime tech exec is already sizing up the customer. He quickly assesses how coffee drinkers interact with each other and their technology devices, and wonders why they’ve come to this particular location.

Humphrey has spent decades focused on using technology to enhance the customer experience  — from his early days at Kobo working on e-reader services, co-founding healthcare startup League, a CEO stint at project management company LiquidPlanner, and more recently as an exec with the Seattle Kraken, where he was senior vice president of innovation and fan experience.

Humphrey left the NHL franchise earlier this year to embark on a new adventure: Highmark Sports Group, his own consultancy aimed at helping sports teams, leagues, and companies boost their operations.

The Canadian native and former professional hockey player isn’t straying far from Seattle’s hockey scene. He’s a senior advisor for the Seattle Torrent, the new women’s pro hockey team that plays its first-ever home game tonight at Climate Pledge Arena. He’s also working with the Hockey Hall of Fame in Toronto.

We recently caught up with Humphrey to learn more about his approach to helping organizations improve their customer experiences and how to balance new technologies like artificial intelligence with essential human touches. The interview was edited for clarity and brevity.

GeekWire: Todd, thanks for speaking with us. How are you thinking about technology and the customer experience in 2025?

Todd Humphrey: “I’m old enough to remember what the experience used to be like. You’d read about a game that was happening that night in the newspaper. You’d show up, you’d walk in, it would smell like stale beer and popcorn, and there’d be peanuts on the floor. They would play the national anthem and the game would start. 

The in-venue fan experience has totally been revamped. Technology plays a huge part of that. I think about the door-to-door experience, and all the different touch points. From the moment someone wakes up, they’re going to check the app to see who’s playing. You can tell them the best way to get to the game and where to park. 

Once they walk through the doors, you’re thinking about lines. The average NHL fan spends more than one hour standing in lines during the three-hour experience. We tried to cut that by more than half, and I think we got there. 

You want to get people to, from, and through the venue in a really efficient manner. Technology helps with some of that — digital ticketing, way-finding, mobile ordering, mobile payments. 

We really used that Amazon approach of the customer experience and working backward — at the end of the day, what are all the friction points, and how do we alleviate those?

There’s a huge opportunity for other teams and organizations to really rethink their experience. And it’s not just sports teams. It’s when you go to a concert, when you go to the Hockey Hall of Fame — what does that feel like? How do we turn it into a more of a holistic, overall experience beyond the time you spend in the building?”

GeekWire: How do you thread the needle of incorporating technology and automation — but also focusing on the human elements of an experience?

Humphrey: “Technology is a vessel that you have to use because it’s expected and it’s really convenient. Everybody’s got a computer in their pocket, sitting in their hand, and if you can use it in the right way, it’s a great leverage point.

At the same time, I don’t want to see teams and leagues and companies get too hung up on the tech, because I think little things like the human interactions matter.

When you walk into an arena for a concert or a game, you’re going have a touch point with ticketing and security before you get inside. If those interactions are awesome, your event is off to a really good start. 

I think that training the people who work there to greet people and engage with people and look them in the eye and get to know who they are — it’s a huge advantage.

When I go to QFC, I don’t want to check myself out. Sometimes it doesn’t work as well. And I’d miss that interaction with the cashiers. They’ve seen my kids grow up over the years. They know who I am and what I do. There’s a lot to be said for that. 

As much as technology is awesome and ChatGPT tells us all the answers, people still like human interaction. When people go to events, they really want to be seen, they want to be heard. And when I see an usher at Climate Pledge Arena high-fiving a Kraken fan during a celebration, it just warms my heart, because that’s what it’s all about.

AI is going to provide more efficiency for us and make things easier to do. But on the other side of that, because there’s so much bent toward technology, I think live events, concerts, games, theater — all the places where people can gather are going to be more important. People just have an innate desire to be together and cheer together.”

GeekWire: What advice do you have for startup leaders who may not be leading a sports franchise, but still interact with customers and want to improve their experiences? 

Humphrey: More companies need to take their customer experience and work backwards. You also need to have conviction in what you’re building and why you’re building it. And it’s talking to more customers. Some companies build in silos. The more you can talk to people to hear directionally where you might want to go, the better. 

But at the end of the day, you as a company, as a leadership group, have to pick your lane. I would get conviction around that. 

It’s also understanding what the whole journey is going to be for that fan or customer, whether it’s a SaaS customer or a cloud customer or an AI-driven customer. What is that customer going to feel all the way through the experience? And can you build a business that delivers an incredible, top-tier experience — and also drives revenue? It’s a hard thing to do.”

• The tests will use standardised templates with major exchanges including Coinbase, Crypto.com and Kraken.
• The project links to the earlier Admissions and Disclosures Discussion Paper.
• The experiments sit within the FCA’s multi-year Crypto Roadmap ending in 2026.

The United Kingdom is pushing ahead with a practical form of crypto regulation, and the latest move by the Financial Conduct Authority shows how the country plans to shape its rulebook.

The FCA has approved RegTech firm Eunice to carry out live experiments in its sandbox, creating a clearer picture of how future rules may be built through real-world testing rather than theory.

On Wednesday, the regulator confirmed that Eunice will test standardised crypto disclosure templates with major exchanges such as Coinbase, Crypto.com and Kraken.

The templates are designed to check whether transparency improves when tools are used directly in active market conditions.

Industry input

The FCA said its sandbox is still open to companies working on similar solutions, and it continues to encourage firms to apply. The regulator’s message points to a broader shift.

The UK wants to rely on practical experiments to understand how crypto behaviours unfold in real time, instead of relying only on policy consultation rounds.

This approach moves industry participants closer to the centre of rule formation. It also gives the regulator the chance to observe how products behave before final guidance is introduced.

Eunice’s work fits this model, focusing on ways to strengthen transparency in a market that is seeing increased institutional involvement.

The trial also links back to the Admissions and Disclosures Discussion Paper published last year. That paper invited the industry to share technical insight and help shape early frameworks.

The new pilot now tests those ideas under live conditions, allowing the FCA to gather evidence on how different disclosure requirements perform when applied at scale.

Broader roadmap

The Eunice experiment also aligns with the regulator’s multi-year Crypto Roadmap, which is expected to end with the publication of the UK’s final crypto rules in 2026.

Over the past year, the FCA has introduced several changes aimed at increasing clarity for crypto companies.

These include stricter financial promotion rules, warnings issued to unregistered exchanges still operating in the UK and a comprehensive paper covering admissions, disclosures and market-abuse concerns across digital assets.

Each step forms part of a longer regulatory timeline that aims to tighten standards while preserving room for innovation. The use of the sandbox allows the FCA to test what works and what does not before decisions are written into policy.

Shifting tone

More recent actions suggest the regulator is becoming more open to crypto activity under controlled conditions. On 1 August, the FCA lifted its ban on crypto exchange-traded notes for retail investors.

This allowed consumers to access crypto-based ETN products again, signalling a more flexible approach to digital assets. On 17 September, the FCA launched a consultation on whether Consumer Duty should apply to crypto.

This traditional finance requirement focuses on ensuring firms deliver good outcomes for customers. Extending it to crypto would raise expectations around product design, risk communication and market conduct.

The regulator’s move to work with Eunice fits into this shift. By focusing on trials inside the sandbox, the FCA is building a system that responds to real behaviour rather than assumptions.

The decision also supports the UK’s long-term plan to use evidence gathered from ongoing experiments to shape final rules.

The sandbox programme will continue to influence how the UK designs its next phase of crypto regulation.

As new projects enter the environment, the FCA will gather more insight into how disclosure tools perform, how markets react and how different rules might work once introduced.

The Eunice trial marks an early step in this process, and future policy decisions are expected to draw heavily on the findings produced through these real-world tests.

The post UK advances crypto rules with FCA sandbox tests involving Coinbase, Crypto.com and Kraken appeared first on CoinJournal.

• Lookonchain reported $436.5 million in USDC moved to Kraken.
• Project revenue fell to $27.3 million in November.
• Wallets still held over $855 million in stablecoins and $211 million in SOL.

Pump.fun’s internal fund activity has drawn intense scrutiny after pseudonymous co-founder Sapijiju challenged claims that the project cashed out more than $436 million in stablecoins.

The discussion began when blockchain analytics platform Lookonchain reported that wallets linked to the Solana memecoin launchpad had transferred large amounts of USDC to the crypto exchange Kraken.

The activity raised fears of selling pressure and uncertainty about how the project handled its reserves.

The story quickly spread across X, where users analysed the movement of funds, debated the project’s finances, and questioned the clarity of the explanations offered.

USDC flows tied to internal management

In an X post, Sapijiju said the transfers were part of Pump.fun’s treasury management process and were not sales.

The post said the USDC originated from the PUMP token’s initial coin offering and was moved between internal wallets to support the company’s runway and reinvestment plans.

The post also stated that Pump.fun had never worked with Circle.

Treasury management typically involves reorganising wallets, allocating capital, and preparing budgets, and does not always indicate selling or liquidation.

Lookonchain’s report said the transfers to Kraken had reached $436.5 million in USDC since mid-October.

The timing drew more attention because Pump.fun’s monthly revenue had fallen to $27.3 million in November, its first drop below $40 million since July, according to DefiLlama.

Despite the concerns, data from DefiLlama, Arkham, and Lookonchain showed that the Pump.fun-tagged wallet still held more than $855 million in stablecoins and $211 million in Solana SOL, which traded at $136.43.

Analysts and community respond

Nansen research analyst Nicolai Sondergaard interpreted the reported transfers as a sign that more selling could follow.

In contrast, EmberCN suggested the activity reflected institutional private placements of the PUMP token rather than active dumping.

The competing interpretations led to a broader review of the token’s performance and project structure.

CoinGecko data showed that PUMP traded at $0.002714, down 32% from its ICO price of $0.004 and almost 70% below its September high of $0.0085.

Currently, PUMP is trading at $0.002738, rising 6.9% in the past 24 hours.

The price movement added more tension to community discussions as users examined whether the treasury actions aligned with the token’s market conditions.

Across X, multiple posts highlighted the divide in sentiment.

Some users argued that the explanation raised more questions, pointing to inconsistencies and asking for clearer communication.

Others dismissed the statement entirely and linked the treasury activity to concerns about token performance and execution.

A separate group of users said Pump.fun had the right to manage its revenue, ICO proceeds, and reserves as it saw fit.

They described treasury movements as common practice after an ICO and said the main issue was whether USDC reserves properly backed the circulating supply.

Treasury structure becomes central issue

As more users examined the fund flows, the debate shifted from selling pressure to the broader structure of Pump.fun’s treasury.

The discussion focused on the scale of reserves, how the project organised its wallets, and whether the team provided enough visibility into its financial management.

The presence of more than $855 million in stablecoins indicated that large amounts of capital remained under project control, but users continued to question the timing, communication, and purpose behind the transfers.

The situation highlighted how treasury management can become a point of market sensitivity, especially when combined with falling revenue, volatile token prices, and community scepticism.

With attention across X still focused on the movements, the conversation has moved toward transparency expectations, reserve backing, and the company’s approach to supporting long-term development.

The post Pump fun treasury concerns rise as USDC transfers trigger community debate appeared first on CoinJournal.

Bitcoin Magazine

Kraken Files for IPO After $800 Million Fundraising at $20 Billion Valuation

Kraken, one of the longest-running crypto exchanges, has taken a major step toward going public, filing for a U.S. initial public offering (IPO) through its parent company, Payward, Inc.

The draft S-1 registration statement was submitted to the Securities and Exchange Commission (SEC), formally placing Kraken in the IPO pipeline.

The confidential filing follows an $800 million fundraising round completed on Tuesday, which valued Kraken at $20 billion. The round, raised over two months in two tranches, was led by major traditional finance investors, including Citadel, the hedge fund founded by Ken Griffin. 

Kraken had initially planned a $500 million IPO at a $15 billion valuation in July, which it executed successfully in September, but the company later revealed that the exchange had actually raised $800 million.

While the company has yet to disclose the number of shares it plans to offer or an anticipated price range, the confidential submission allows the company to continue preparing for a Wall Street debut while keeping key details under wraps.

Founded in 2011, Kraken allows trading across more than 450 digital assets, U.S. futures, equities, ETFs, and multiple fiat currencies. The platform also serves institutional clients through Kraken Institutional and offers staking, custody, and advanced portfolio management tools.

The company has positioned itself not only as a crypto-native exchange but also as a multi-asset brokerage competitor, a theme likely to feature in investor materials once the S-1 becomes public.

Kraken uncertainty amidst SEC lawsuit 

The filing comes after a period of regulatory uncertainty. In March, the SEC dropped a long-running lawsuit against Kraken over its staking services.

The SEC’s alleged that the cryptocurrency exchange operated as an unregistered securities exchange, broker, dealer, and clearing agency, violating securities laws by, among other things, offering crypto staking services and trading specific crypto assets that the SEC deemed securities.

That ruling appears to have cleared the way for the exchange to accelerate its growth and consider a public listing.

Kraken’s confidential filing aligns with a broader resurgence of crypto IPO activity in the U.S., following listings from firms like Bullish, Circle, Gemini, and Grayscale. 

The SEC review process, alongside market conditions, will dictate the timing of the offering. Until the S-1 is made public, details on valuation metrics, financial performance, and share pricing remain undisclosed.

Earlier this year, Mastercard announced a major partnership with Kraken, enabling users in the UK and Europe to spend crypto (including Bitcoin and stablecoins) at over 150 million merchants that accept Mastercard. 

This post Kraken Files for IPO After $800 Million Fundraising at $20 Billion Valuation first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

• Citadel Securities made a strategic investment at a $20 billion valuation.
• Institutional investors led the first tranche of funding.
• Kraken plans to grow across Latin America, APAC, and EMEA.

Kraken is entering a new phase of global expansion after securing fresh capital that places the company at a valuation of $20 billion.

The update outlined how this raise will support the firm’s plans for 2026 and strengthen its position across regulated markets, tokenized products, and institutional services.

The company also linked the funding to its broader push into global regions, deeper derivatives activity, and new financial tools.

The announcement signalled a shift toward long-term growth supported by new infrastructure and a wider product lineup rather than short-term market conditions.

Institutional backing drives Kraken capital raise

Kraken raised $800 million through two funding tranches.

The first tranche was led by major institutional players, including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital.

The company added that Kraken Co CEO Arjun Sethi’s family office made a significant commitment to the round.

A further $200 million strategic investment came from Citadel Securities at the confirmed $20 billion valuation.

Kraken said the new capital will support its vertically integrated model that includes equities, derivatives, spot markets, tokenized assets, staking, custody, clearing, and payments.

The company had raised only $27 million in primary capital before this round and continued to operate profitably, reporting $1.5 billion in revenue for 2024 and surpassing that figure in the first three quarters of 2025.

Sethi posted on X that the raise reflected long-term conviction in the company’s strategy.

He noted that more than $100 million for the round came from his family office.

Product growth strengthens derivatives and tokenized asset plans

Kraken linked the funding to several important developments that took place across its ecosystem in recent months.

On Nov. 14, the company reported strong Q3 results that included $198 million in adjusted EBITDA, up 28% from the previous quarter, and more than $1.5 billion in revenue over the first nine months of 2025.

Kraken also completed its latest proof of reserves audit, confirming 1:1 plus backing for major assets.

This audit was the first to use distributed validator technology for Ethereum staking within the platform.

The company expanded its US derivatives presence through the acquisitions of NinjaTrader and Small Exchange.

Small Exchange was a $100 million transaction finalised in early October.

These acquisitions give traders new ways to access crypto-connected futures in addition to existing stock and commodity contracts.

To support high-frequency and institutional traders, Kraken introduced a new colocation service in partnership with Beeks Exchange Cloud.

The company said this upgrade offers faster and more direct trading connectivity.

Expansion plans target global markets

Kraken outlined its next steps across key regions as it works toward its 2026 strategy.

The company plans to enter new markets in Latin America, the Asia Pacific region, and EMEA.

Kraken said these expansions will coincide with the launch of new asset types, upgrades to staking services, and new trading features that widen customer use cases.

The company also plans to strengthen its payments network and expand its institutional product suite.

Kraken said these steps will help bridge traditional and open finance through regulated global infrastructure.

Wider financial ecosystem supports long term growth

Kraken positioned the new funding as part of a broader plan to support a growing financial ecosystem that connects regulated markets, tokenized assets, and cross-border financial services.

The company said its vertically integrated approach provides the structure needed for sustainable product development and regional expansion.

The funding also helps the firm invest in infrastructure, compliance systems, and service lines that support both retail and institutional customers.

Kraken said it aims to use this momentum to build a wider presence across global markets while continuing to advance tokenized financial products and regulated trading.

The post Kraken boosts global strategy as Citadel joins fresh investment wave with $200 mn funding appeared first on CoinJournal.

A leading marketplace on the dark web, Solaris, has been hit by a rival, according to crypto analytics company Elliptic. The Russia-linked platform, which tried to occupy space vacated by the busted Hydra, is believed to have conquered up to a fifth of the illicit market before the hack.

Solaris Allegedly Taken Over by Darknet Marketplace Called Kraken

Solaris, a major marketplace for drugs and other illicit products, has been targeted in a hacking attack carried out by a similar enterprise, Kraken, not to be confused with the well-known cryptocurrency exchange with the same name.

After in April last year law enforcement authorities shut down Hydra, the former leader in this business, seizing its servers in Germany and arresting an alleged operator in Russia, Solaris managed to gain between 20% and 25% market share, according to estimates quoted by Elliptic.

This week, the blockchain forensics company reported that since Friday, Jan. 13, those who visited the onionsite were being transferred to Kraken. The latter claimed to have taken control over the infrastructure, Gitlab repository and source code of Solaris and blocked its bitcoin wallets.

Kraken is another player in the dark web space and, like Solaris and Hydra, is targeting the Russian-language segment of the underground market. The illegal trading platforms are suspected of having other ties to Russia as well.

For example, Solaris is believed of have used the services of one of the Russian “patriotic” hacker groups. The pro-Kremlin Killnet is known for launching distributed denial-of-service (DDoS ) attacks on Ukraine after Russia invaded the country in late February, 2022.

This isn’t the first attempt to breach Solaris. Ukrainian-born cyber intelligence expert Alex Holden claimed to have hacked into the marketplace, according to a report in December, and getting hold of some of the bitcoin sent to dealers using the site and to its owners.

Helped by his cybersecurity company, Holden said he specifically targeted a wallet used for crypto exchange transactions and was able to divert 1.6 BTC. The cryptocurrency was later donated to a Kyiv-based charity.

What do you make of the darknet market Kraken’s hacking attack on rival Solaris? Share your thoughts on the subject in the comments section below.