Capital market company Deutsche Boerse has collaborated with Commerzbank to invest $12 million in 360X. The new holding company 360X is established for blockchain development and digital assets. Cointelegraph confirmed the amount invested from a source at Deutsche Boerse. The invested funds represent a stake close to 50% in 360X.
According to a press release on the 29th of April, the partnership will focus on developing digital marketplaces using blockchain technology. Also, the investment will result in developing marketplaces and existing real asset classes like art and real estate.
A spokesman from Deutsche Boerse stated that the partnership marks the official launch of 360X. Apart from Deutsche Boerse and Commerzbank, the other partners include the 360X management and other private investors.
In addition, 360X will support the trading of non-fungible tokens (NFTs), which has become a trend lately.
“I am convinced that Deutsche Borse has to venture into new asset classes. In the future, we will see a broad tokenisation and digitisation of assets that are not tradable today. 360X is the new innovation platform for serial marketplace creation that we are building with our partners.”
The new partnership is not the first of its kind for Deutsche Boerse and Commerzbank. The duo has been partnering in the blockchain industry for years. The companies came together to pilot post-trade securities via tokens.
Image Credits: Pixabay
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