Entrepreneur and investor Domink Schiener, co-founder and chairman of IOTA Foundation, explained why he decided to obtain a stake in the credX fintech startup—and why it might be crucial for IOTA.
Dominik Schiener holds 10 percent stake in fintech startup credX
Mr. Schiener has taken to Twitter to disclose his second strategic bet since 2019. He owns 10 percent of credX, a BaFin-regulated broker that addresses the sphere of digital marketplaces and bridges traditional and digital finances.
According to a statement shared with U.Today, credX will also be supported by Mr. Schiener's expertise in distributed ledger technology solutions.
Primarily, credX is well known for its digital frameworks designed to ease the process of B2B fundraising—especially in the real estate segment.
Now credX is laser-focused on accomplishing its next ambitious milestone, namely, the full-stack digital marketplace for real-world assets. That is how the credX team is going to merge digital instruments and opportunities with "off-chain" liquidity. Mr. Schiener added that credX-powered instruments are already able to facilitate €100+ million deals.
Asset tokenization in regulated DeFis: new roadmaps for IOTA
credX, with its licenses, expertise, capital and technical solutions, can significantly contribute to the progress of IOTA itself. With its smart contracts ambitions, IOTA is going to release instruments for asset tokenization.
Tokenized assets can be involved in IOTA-powered decentralized financial protocols (DeFis). In a nutshell, according to Mr. Schiener, credX will build a bridge between traditional finances and IOTA.
As covered by U.Today, IOTA Foundation released the alpha iteration of its smart contracts framework. Unlike other programmatic blockchains, IOTA-based smart contracts will be free from "bidding wars" due to upgraded fee mechanisms.
Arman Shirinyan
Alex Dovbnya
