Deutsche Boerse and Commerzbank spend money on new digital asset enterprise

German securities market Deutsche Boerse and main financial institution Commerzbank have collectively invested in a brand new holding firm that plans to concentrate on blockchain know-how and digital belongings.

Deutsche Boerse introduced Thursday that the corporate and Commerzbank entered a strategic partnership with fintech agency 360X to develop new blockchain-based digital marketplaces, for current actual asset lessons like artwork and actual property.

A consultant from Deutsche Boerse confirmed to Cointelegraph that Deutsche Boerse invested 10 million euros ($12 million) for a stake of about 50% in 360X, whereas Commerzbank owns a decrease double-digit stake.

A Deutsche Boerse spokesperson famous that Thursday’s announcement marks the official launch of 360X as an organization, with Deutsche Boerse and Commerzbank capitalizing 360X as a brand new agency as companions. Different members are the 360X administration and different personal traders, the consultant stated.

In line with the announcement, 360X will concentrate on illiquid belongings, initially artwork and actual property. The platform can be meant to help tradeable digital collectibles often known as nonfungible tokens, or NFTs. “Since 360X goals to construct new marketplaces and ecosystems for current actual belongings, resembling artwork and actual property, it’s geared toward supporting the buying and selling of NFTs,” a Deutsche Boerse spokesperson stated. 360X is about up as a extremely scalable mannequin, so additional asset lessons will comply with sooner or later, the consultant added.

As beforehand reported, Deutsche Boerse and Commerzbank have been intently collaborating within the blockchain trade for years. In 2019, the businesses collectively piloted a transaction settlement of post-trade securities utilizing distributed ledger know-how and digital tokens. Deutsche Boerse and Commerzbank additionally labored collectively to hold out transactions utilizing HQLAx’s blockchain-based safety lending platform.