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May 18, 2021
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Deutsche Börse and Commerzbank are investing in blockchain –

Commerzbank and Deutsche Börse have just started a cooperation aimed at creating a blockchain-based real estate and art market. In addition, both financial institutions have established cooperation with 360X, a company from the fintech market.

Deutsche Börse and Commerzbank are investing in blockchain

Commerzbank and Deutsche Börse have been working on pilot projects related to blockchain technology for many years. Now both banks have started working with 360X. Objective? Building a market based on blockchain technology. Companies want to build a platform for trading tokens that are tied to real estate and works of art.

As reported media, “The three partners are creating transparent and liquid platforms for trading assets that have not yet been added to the digital market.” Therefore, the project will start with trading in tokenized real estate and works of art, and then new asset classes will appear on the platform.

According to Theodor Weimer, CEO of Deutsche Börse, in the future we will witness extensive tokenization and digitization of assets that are not easily tradable today.

Weimer stressed that he was convinced that the entire group must enter the markets for new asset classes.

Synergy

It is said that each of the three partners will contribute something different to the project. For example, Deutsche Börse will act as “Experienced operator of market infrastructure”.

It is worth adding that Commerzbank has several years of experience in working with digital technology, decentralized ledger. Accordingly, the institution can help “In pilot transactions in the areas of payments, securities and trade finance.” In addition, the company also has “Strategic partnerships with technology and internet corporations”.

About 2 years ago, Commerzbank and technology companies Continental and Siemens jointly carried out a transaction using blockchain. More on this was written in an official press release by Peter Rathgeb of Corporate Treasurer at Siemens. He then listed the advantages of the new technology:

The significantly shorter lead times and faster time to market show the clear advantages of this technology [blockchain]. The most important challenges are security and performance issues as well as legal issues such as the need to create a consistent European standard and understanding of the rules for blockchain-based transactions.

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