German institutions plan to create a blockchain-based marketplace

Blockchain technology has seen mainstream adoption in recent years. From agriculture to health care, several different sectors have integrated the technology. Recently, two German financial institutions Commerzbank and Deutsche Börse, have partnered to invest in a blockchain-based marketplace for real estate and art. Moreover, both the financial institutions have partnered with 360X, a fintech firm for the new digital marketplace of the future. According to the firms, they will be creating a crypto asset marketplace with the first reference transaction for each tokenized asset.

What do the German institutions seek?

Commerzbank and Deutsche Börse have been working on blockchain pilot projects for many years. And now, all Commerzbank and Deutsche Bank are popping out with 360X to build a marketplace based on blockchain technology. Hence, these firms are seeking blockchain and tokenization promises, untold liquidity for assets like real estate and art pieces.

Blockchain market aims to make things investable

The latest Blockchain marketplace plan aims to bridge the gap between asset classes and the capital market. The three partners are creating transparent and liquid trading venues for assets that are yet to be added to a digital market. Hence, the marketplace will start with a trading venue for real-estate and art pieces, and further asset classes will follow. According to Theodor Weimer, CEO of Deutsche Börse, in the future, they are going to see a wide tokenization and digitization of assets that are non-tradable in the current scenario.

Contribution of the partners

According to Deutsche Börse, the partners are combining their strengths to achieve their goal. Deutsche Börse will offer its efforts as an experienced market infrastructure operator. Theodor highlighted that it is convincing that their group has to venture into new asset classes. 

On the other side, Commerzbank has several years of experience working with digital ledger technology. Hence, the institution can help pilot transactions in the areas of payments, securities, and trade finance. Furthermore, the firm also has strategic partnerships with technology and internet corporations.

Simultaneously, 360X is a new innovative platform for serial marketplace development. According to Knof, the fintech firm shows the potential to shape its goal actively. And help create such a digital assets ecosystem of the future.

Source link: cryptonews.net