Deutsche Börse and Commerzbank invest in new digital asset company



German securities market Deutsche Boerse and major bank Commerzbank have jointly invested in a new holding company that plans to focus on blockchain technology and digital assets.

Deutsche Boerse announced on Thursday that the company and Commerzbank have entered into a strategic partnership with fintech firm 360X to develop new blockchain-based digital marketplaces and existing real estate classes such as art and real estate.

A representative of Deutsche Boerse confirmed to CoinTelegraph that Deutsche Borse has invested 10 million euros ($ 12 million) for an approximately 50% stake 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 company as partners. Other participants include 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 also aims to support tradable digital collectibles known as non-replaceable tokens or NFTs. “As 360X aims to build new marketplaces and ecosystems for existing real estate, such as art and real estate, it is focused on supporting the trade in NFTs,” said a Deutsche Boerse spokesperson. 360X is designed to be a highly scalable model, so more asset classes will follow in the future, the rep added.

As previously reported, Deutsche Boerse and Commerzbank have been working closely together in the blockchain industry for years. In 2019, the companies jointly piloted a post-trade transaction settlement of securities using distributed ledger technology and digital tokens. Deutsche Boerse and Commerzbank also teamed up to conduct transactions using HQLAX’s blockchain-based security lending platform.