Deutsche Börse Group's 360T has partnered with Bitpanda to connect the exchange's 3DX trading venue with Bitpanda's digital asset infrastructure. The move is less about launching new products and more about weaving crypto into the core plumbing of Europe's institutional markets, allowing banks to offer crypto exposure without re-engineering execution, liquidity, or post-trade systems.
360T's Three-Year Build-Up: From Crypto NDFs to DvP Settlement
The deal caps a staged rollout rather than a sudden pivot. In early 2024, 360T launched crypto non-deliverable forwards tied to Bitcoin and Ethereum, mimicking FX-style instruments for bank familiarization.
In 2025, 360T introduced 3DX, a regulated institutional-only crypto spot venue authorized in Germany and built on the same technology stack as its FX business. Later that year, the group added delivery-versus-payment (DvP) settlement for crypto spot through Clearstream and Crypto Finance, addressing bank concerns about settlement risk and pre-funding.
Against that backdrop, integrating Bitpanda is primarily about widening distribution, not changing how trades are executed or settled.
What Bitpanda Brings: 650+ Assets and MiCA Passport
Bitpanda's role extends beyond retail. Its institutional arm provides white-label infrastructure covering over 650 digital assets, custody, wallet services, and operational support that can be embedded into third-party platforms. A key factor: regulatory approvals that let services be passported across the European Economic Area under MiCA, slashing country-by-country compliance costs for banks.
Under the partnership, Bitpanda supplies the asset universe and operational backbone, while execution and liquidity stay within the 3DX environment. Banks keep pricing, trading, and risk controls inside systems they already use.
Timing Matters: Bitpanda Preps for €4B–€5B Frankfurt Listing
For Bitpanda, the timing is strategic. The Vienna-based firm aims for a Frankfurt listing in the first half of 2026, targeting a valuation of €4 billion to €5 billion, with Goldman Sachs, Citigroup, and Deutsche Bank reportedly appointed as underwriters. Expanding institutional distribution through Deutsche Börse-owned infrastructure strengthens its pitch to public market investors looking for diversified, non-retail revenue.
For Deutsche Börse, the integration fits a broader push to keep digital assets inside regulated rails. Alongside 3DX, the group has backed tokenized securities and other digital asset projects, favoring incremental build-out over standalone crypto venues.