Deutsche Börse and Commerzbank join forces to create digital asset business

Deutsche Börse and Commerzbank announced Thursday that a new digital asset business will be co-launched in Frankfurt. The company, called 360x, is the result of a collaboration between the two largest financial companies in Germany to combine their resources.

At first, the company’s goal will be to use blockchain to denote art and real estate. The minimum viable product (MVP) is expected to arrive later this year. To achieve this goal, partners use each other’s strengths.

Deutsche Börse will act as the operator of the market infrastructure and Commerzbank is paving the way for the future of digital banking. The team consists of financial technology founders who will work together to create the marketplaces of tomorrow. The team hopes this will eventually lead to new revenue potential.

The project will be led by CEO and founder Carlos Kölzer. Kölzer previously launched the FX 360T, which was acquired by Deutsche Börse in 2015 for approximately $ 800 million.

Once these two organizations come together, any platform they create will obviously comply with the rules and provide an orderly aftermarket. A great feature of tokens is to take assets and split them. This allows consumers a relatively modest entry-level investment.

Deutsche Börse, as a partner, will create a certain level of trust and is already fulfilling this role for the HQLAX digital collateral registry platform. For its part, Commerzbank will act as a payment partner.

Commerzbank and Deutsche Börse have a long history of enterprise blockchain and DLT. Each has also recently been involved in attempting to settle securities transactions on the blockchain. The real-time gross settlement system TARGET2 will be used in the trial by the German Bundesbank.

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