Deutsche Börse and Commerzbank Join Forces to Build Digital Asset Marketplacesby Fintechnews Switzerland April 30, 2021
German stock exchange operator Deutsche Börse and Commerzbank have partnered to invest into Fintech 360X to create digital asset marketplaces.
The entities made the move to develop new digital marketplaces and ecosystems for existing real assets such as art and real estate on a blockchain platform.
Deutsche Borse reportedly invested €10 million in the new firm for a 50% stake in the newly founded company. Meanwhile Commerzbank holds a significantly lower double-digit stake with the rest of the shares being held by its founders and private investors.
Deutsche Börse said in a statement that investments in art and real estate will be the initial asset classes introduced.
The assets are to be made investable and tradable via tokenisation and fractionalisation. Tokenised real assets are mapped on the blockchain to make it easier for investors to access and also to be able to split the underlying asset.
The first reference transactions (minimum viable products) for two asset classes are already planned for this year.
The new trading platforms should enable investors to invest in previously illiquid assets.
Deutsche Börse and Commerzbank have been gaining experience with DLT technology for many years where they carried out joint pilot transactions for the first time via DLT in 2019.
Carlo Kölzer, Founder and CEO of 360X said,
“Our mantra is: ‘Making Things Investable – Bridging the Gap between Asset Classes and Capital Markets’.
We create transparent and liquid trading venues for assets for which these digital markets do not yet exist. To do this, we start with trading venues for works of art and real estate. 360X is set up as a highly scalable model, which is why other asset classes are to follow soon.”
Theodor Weimer, CEO of Deutsche Börse said,
“I am convinced that Deutsche Börse has to develop new asset classes.
In the future, we will see broad tokenization and digitization of assets that cannot be traded today. 360X is the new innovative platform of serial marketplaces that we want to build with partners. “
Featured image: (From right) Theodor Weimer, CEO of Deutsche Börse and Manfred Knof, CEO of Commerzbank