Powering core blockchain infrastructure for Deutsche Börse

Kaleido has worked closely with Deutsche Börse Group since early 2024, providing the core distributed ledger infrastructure used by Clearstream and other Deutsche Börse entities to participate in the European Central Bank’s wholesale CBDC (wCBDC) trials. Kaleido served as the foundational DLT platform, enabling Deutsche Börse to rapidly stand up secure, permissioned blockchain environments to support multiple wholesale CBDC use cases defined by the ECB, without requiring bespoke infrastructure for each experiment. This allowed Deutsche Börse teams to focus on market design, workflows, and regulatory alignment while relying on Kaleido for resilient, production-grade blockchain operations. 

During the ECB trials, Kaleido supported real-world capital markets workflows involving tokenized securities and central bank money, including the execution of more than 40 transactions spanning issuance, settlement, and delivery-versus-payment scenarios. These tests went beyond conceptual demonstrations, validating how regulated financial market infrastructures can use DLT to integrate tokenized assets with central bank settlement assets while preserving market integrity, settlement finality, and operational controls. Kaleido’s platform enabled Deutsche Börse to operate across multiple environments and networks, supporting iterative testing while maintaining the isolation, privacy, and governance required for central bank–led trials.

Following the successful completion of the ECB wCBDC trials, Deutsche Börse has continued working with Kaleido as it transitions from experimentation toward production implementations of its highest-value digital market use cases. Kaleido remains the foundational technology layer supporting this evolution, enabling Deutsche Börse to reuse proven infrastructure patterns from the ECB trials while accelerating product development to meet live market demands. This ongoing partnership highlights Kaleido’s role not only as a sandbox provider, but as a long-term infrastructure partner for regulated market operators building the next generation of digital financial market infrastructure in Europe and beyond