In addition to classic securities, investors can now also buy and sell digital images of DAX shares around the clock. The exchange cooperates with a US crypto platform.
Deutsche Börse enables trading in tokenized shares from the DAX around the clock.
Private investors could trade the tokenized DAX shares seven days a week via the US crypto exchange Kraken and other digital platforms.
Deutsche Börse's partnership with Kraken's parent company Payward is intended to accelerate the change in the capital markets.
The new offer allows German corporations to expand their investor base.
Frankfurt. Deutsche Börse is driving forward the digitalization of securities trading. In addition to classic shares, tokenized shares from the German leading index Dax can now also be bought and sold via the subsidiary 360X, the Hessian company announced on Wednesday. Tokenized shares are digital images of securities whose trading is carried out via the blockchain.
Private investors could trade the tokenized DAX shares 24 hours a day, seven days a week via the US crypto exchange Kraken and other digital platforms. Germany's largest stock exchange operator worked closely with Kraken's parent company Payward to develop the offering.
With xStocks, Payward has developed a globally widespread standard for tokenized stocks. American stocks and ETFs have been tradable through it since June 2025. Payward is now expanding its offering to include European stocks and is cooperating with the German Stock Exchange as well as the London Stock Exchange.
Each xStock is backed 1:1 by the underlying stock, which is held with a regulated securities depository. The new offer allows German corporations to expand their investor base. You can attract investors worldwide who only or predominantly rely on digital securities.
Deutsche Börse had already agreed on a comprehensive strategic partnership with Payward in December 2025 and also invested $200 million in the US group this year.
“Our partnership with Payward is exactly the kind of collaboration that accelerates the transformation of capital markets,” said Carlo Kölzer, who leads Deutsche Börse’s digital business. “Our vision is a unified, hybrid stock exchange ecosystem.” It enables trading in both classic stocks and tokinised securities via the blockchain.
“German companies have repeatedly developed innovative products that the whole world relies on,” said Payward manager Mark Greenberg. Until now, however, many investors around the world have not been able to easily invest in these companies.
By putting the Dax 40 completely on a blockchain together with Deutsche Börse, barriers are being broken down, explained Greenberg. “An investor in Southeast Asia or Latin America can now finally hold tokenized Siemens or Allianz shares in the same wallet that they already use.” In addition, he can act at any time – “even during the hours when Frankfurt is sleeping.”
The established stock exchanges have been under pressure to extend their trading hours for some time. Finally, crypto platforms offer trading 24 hours a day, seven days a week, called “24/7,” as standard. Many digitally savvy investors also invest in classic securities and expect a similar offering there.
Deutsche Börse has responded to this and has been offering institutional investors trading in classic DAX shares around the clock, seven days a week, since the end of October. They can also be traded via 360X – a joint venture in which Commerzbank also has a stake, alongside Deutsche Börse.
In addition to digital DAX shares, investors can now also trade Xetra Gold as xStock, Europe's largest gold security with physical deposit, via 360X.
