Deutsche Boerse invests $12 million in new holding company 360X to develop blockchain-based digital marketplaces featuring NFTs.
German securities marketplace Deutsche Boerse and major bank Commerzbank have jointly invested in a new holding company which plans to focus on blockchain technology and digital assets.
Deutsche Boerse announced Thursday that the company and Commerzbank entered a strategic partnership with fintech firm 360X to develop new blockchain-based digital marketplaces and existing real asset classes like art and real estate.
A representative from Deutsche Boerse confirmed to Cointelegraph that Deutsche Borse invested 10 million euros ($12 million) for a stake of about 50% in 360X, while Commerzbank owns a lower double-digit stake.
A Deutsche Boerse spokesperson noted that today’s announcement marks the official launch of 360X as a company, with Deutsche Börse and Commerzbank capitalizing 360X as a new firm as partners. Other participants are the 360X management and other private investors, the representative said.
According to the announcement, 360X will focus on illiquid assets, initially art and real estate. The platform is also intended to support tradeable digital collectibles known as non-fungible tokens, or NFTs. “Since 360X aims to build new marketplaces and ecosystems for existing real assets, such as art and real estate, it is aimed at supporting the trading of NFTs,” a Deutsche Boerse spokesperson said. 360X is set up as a highly scalable model so further asset classes will follow in the future, the representative added.
As previously reported, Deutsche Boerse and Commerzbank have been closely collaborating in the blockchain industry for years. In 2019, the companies jointly piloted a transaction settlement of post-trade securities using distributed ledger tech and digital tokens. Deutsche Boerse and Commerzbank also worked together to carry out transactions using HQLAX’s blockchain-based security lending platform.
via cointelgraph.com
