Germany’s two largest financial institutions, Deutsche Börse and Commerzbank, are partnering with 360X to create a real estate and art market on the blockchain.
Germany is becoming a major player in the digital asset market. The German Federal Agency for Financial Supervision (BaFin) identified digital assets as financial instruments last spring, and also urged banks and startups to apply for special licenses for storing cryptocurrencies for interested clients.
Blockchain and tokenization promise incredible liquidity for physical assets like real estate and art, according to the companies, and big financial firms are looking to take advantage of this. The MVP for each class of tokenized assets will be released by the end of this year.
Both Deutsche Börse and Commerzbank have been working on blockchain pilot projects over the past few years. Deutsche Börse AG CEO Theodor Weimer said:
“I am convinced that Deutsche Börse must develop new asset classes. In the future, we will see widespread tokenization and digitization of assets that are not traded today. 360X is an innovative serial marketplace platform that we are developing together with our partners. ”
Deutsche Börse also maintains the listing of tokenized products on its platform. In January, it became known that Norilsk Nickel’s global palladium fund had placed metal-backed ETCs on the Deutsche Börse stock exchange. Commerzbank CEO Manfred Knof said:
“Commerzbank has many years of experience with distributed ledger technology. We bring real assets to digital trading platforms. With the investment that we and Deutsche Börse are making in 360X, we see the potential to actively shape one of these digital asset ecosystems of the future. ”
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