In a tweet on Thursday, Deutsche Borse Group announced its investment in the fintech company, 360X. The company made an investment in 360X along with Commerzbank. The fintech firm will serve as an NFT marketplace for buying and selling digital tokens.
Deutsche Borse reportedly invested a sum of €10 million in the new firm. In exchange for the €10million, Deutsche Borse was given 50% of the total stake of the newly founded company. Commerzbank also holds a significant percentage of 360X total shares while the rest of the shares belongs to the founders of the company as well as its private investors.
The Goal of 360X
360X aims to develop new market places for digital arts and real estate. It will serve as a blockchain-based marketplace. NFT creators and collectors are hoping to make the best use of this new marketplace as soon as it is fully launched.
The NFT space has experienced explosive growth in the last couple of months. Digital arts, music, videos, real estate, and more have become more tradeable than ever before. 360X however, intends to focus on digital arts and real estate for a start, as these have proved to be easily tradeable when compared to its contemporaries.
Carlo Kolzer, the founder of 360X backed the new company for success. He also said the company’s watchword is “making things investable”. One of the goals of 360X is to make it easier and possible for digital assets to be traded. Market liquidity is sometimes a big issue in the crypto ecosystem. 360X helps to solve this problem for even digital assets that are yet to exist.
This is not the first time that both groups will be working together on a project. In 2019, both groups worked together on a blockchain project which turned out to be successful and have since then been considered good partners.