360X

What 360X does

360X AG is a Frankfurt-based, BaFin- and ESMA-regulated digital asset trading venue that operates a Multilateral Trading Facility (MTF) and a DLT-MTF under the EU DLT Pilot Regime (Regulation (EU) 2022/858). Founded in 2021 as a joint venture of Deutsche Börse Group and Commerzbank, the company provides wholesale and institutional market participants with a single regulated point of access to trade tokenized real-world assets, including bonds, equities, exchange-traded funds, funds, and private market instruments. The platform is organized into three trading segments (360X MTF, 360X DLT-MTF, and 360X OTC), supported by a PRO Dashboard, REST and FIX 5.0 APIs, and Deutsche Börse Member Section connectivity, and integrates with Clearstream for post-trade custody and settlement and with SWIAT for DLT-based settlement.

The platform lists tokenized instruments originated by partners such as Ondo Finance (US stocks and ETFs accessible across 30 EU/EEA countries), xStocks (Kraken-backed tokenized equities such as CRCLx, GOOGLx, NVDAx, SPYx, and TSLAx, with cumulative volume near $20 billion since May 2025), and German corporate issuers including Siemens, whose €300 million digital bond was the first secondary trade on a regulated DLT venue between DekaBank and Union Investment. 360X also operates portfolio companies covering art (360X Art), music (twelve x twelve, in partnership with GEMA), and real estate (tectrex, in collaboration with Hauck Aufh\u00e4user Lampe) tokenization.

The company earns revenue through transaction and listing fees across its MTF, DLT-MTF, and OTC segments, and through placement services for issuers. Pricing is not publicly disclosed and is structured on a B2B quote basis. The go-to-market is consultative enterprise sales targeting professional investors, broker dealers, market makers, and issuers across the EU/EEA, with the venue explicitly excluding US, UK, and Swiss persons. Leadership includes Carlo Kölzer (CEO, also CEO of 360T and Global Head of FX at Deutsche Börse Group), Michael F. Spitz (Co-CEO, former Commerzbank R&D and VC head), Thomas Spaun (COO/CFO, formerly of UBS Investment Bank), and Fabian Schaum (CIO and co-founder).

Name

360X

Legal name

360X AG

Website

https://360x.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

360X is a Frankfurt-based, BaFin- and ESMA-regulated DLT-MTF that provides a single trading venue for tokenized real-world assets including bonds, equities, ETFs, and private market instruments. It serves professional investors, broker dealers, market makers, and issuers across the EU/EEA, and is backed by Deutsche Börse Group and Commerzbank.

Ownership category

akta.pro rank

Product category

Digital Asset Trading Venue

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

akta.pro secondary industries

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA), Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG)

Keywords

• Digital asset trading
• Tokenized securities exchange
• DLT multilateral facility
• Institutional crypto trading
• Electronic securities platform

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Trading and Listing Fees: Revenue generated from listing electronic securities (eWPs) and DLT financial instruments on the platform, plus transaction fees from trading activity across OTC, MTF, and DLT-MTF segments
2. Placement Services: Services for issuers to place securities on the platform, including placement and investment brokerage

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

360X operates a BaFin- and ESMA-regulated digital asset trading venue that combines a multilateral trading facility (MTF), a DLT-MTF, and an OTC desk for institutional and professional participants. It enables wholesale trading of MiFID II-compliant DLT and electronic financial instruments, including tokenized bonds, equities, ETFs, funds, and alternative assets, with connectivity via REST API, FIX 5.0, and the Deutsche Börse Member Section.

Product overview

360X operates as a multi-segment platform providing a liquid and trusted trading venue specifically designed for professional and institutional investors to trade digital financial instruments. The platform architecture consists of three distinct trading segments: 360X MTF for multilateral trading, 360X DLT-MTF for distributed ledger technology assets under the EU DLT Pilot Regime, and 360X OTC for bespoke bilateral trades. Supporting infrastructure includes the PRO Dashboard for professional trading workstations, Data Services for market analytics, and Placement Services for asset issuance. The platform integrates with partner products including xStocks (Kraken's tokenized equities), Ondo tokenized securities, and Clearstream's post-trade infrastructure for custody, settlement, and collateral management. 360X provides REST API and FIX 5.0 connectivity and is regulated by BaFin and ESMA as an investment firm with DLT-MTF authorization.

Differentiator

Problem solved

Functional benefit

Products and services

• 360X Platform BaFin- and ESMA-regulated digital asset trading venue enabling wholesale trading of MiFID II-compliant DLT financial instruments including bonds, equities, funds, and private market assets, for professional and institutional market participants.
• 360X MTF Multilateral Trading Facility segment providing transparent, order-driven trading for digital financial instruments under MiFID II compliance, for professional and institutional participants.
• 360X DLT-MTF DLT Multilateral Trading Facility operating under the EU DLT Pilot Regime, specifically designed for native digital assets and DLT-based financial instruments, regulated by BaFin and ESMA.
• 360X OTC Over-the-counter marketplace for bespoke bilateral trading of digital assets, enabling customized transactions between institutional counterparties on a BaFin-regulated venue.
• PRO Dashboard Professional trading dashboard with complete customization options for workstation configuration, intuitive navigation, and workflow optimization, designed for professional and institutional traders.
• Data Services Market insights and analytics services providing in-depth data and analysis on securities performance, enabling competitive intelligence for professional and institutional participants.
• Placement Services Issuance and placement services for tokenized assets, providing liquidity and distribution capabilities for electronic securities (eWPs) and other real-world assets, supported by BaFin investment brokerage and placement business licenses.

Named customers4 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• ClearstreamcoreStrategic or Co-development Partner · 21 June 2026Clearstream, Deutsche Börse's post-trade business, partners with 360X to provide custody, settlement, and collateral management services for tokenized securities. The partnership integrates tokenized assets into Clearstream's post-trade infrastructure, enabling institutional investors to access onchain securities through trusted infrastructure. Assets issued on public blockchains including Ethereum, Solana, and BNB Chain will be supported.
• Ondo FinancecoreStrategic or Co-development Partner · 21 April 2026Ondo Finance partners with 360X and Clearstream to bring tokenized securities into regulated European infrastructure. Ondo tokenized US stocks and ETFs are live on 360X, with integration into Clearstream's custody and settlement infrastructure. Initial listing includes 10 prominent tokenized securities (AAPLon, AMZNon, GOOGLon, MSFTon, NVDAon, TSLAon, etc.). Ondo approved to serve investors across 30 EU and EEA countries.
• KrakencoreStrategic or Co-development Partner · 4 December 2025Strategic partnership to bridge traditional financial markets and digital asset economy. First phase integrates Kraken with 360T FX trading venue for bank-grade FX liquidity. Collaboration spans FX, custody, settlement, and tokenized assets including xStocks within 360X ecosystem, creating two-way gateway between US and European institutional markets.
• xStockscoreStrategic or Co-development Partner · 9 February 2025xStocks, a Kraken-backed tokenized equity standard, launched on 360X platform. Five xStocks assets (CRCLx, GOOGLx, NVDAx, SPYx, TSLAx) available for trading against stablecoins. xStocks achieved nearly $20 billion in total trading volume since May 2025 inception. Each token backed 1:1 by underlying equity or ETF held in bankruptcy-remote structure.
• GEMAminorStrategic or Co-development PartnerExclusive partnership with GEMA (German performing rights society) for music security token, initiated in 2023.

Scale indicators5 records

Recent moves7 records

Expansion highlights7 records

Emerging players

• Ondo Finance: Issuer and infrastructure provider for tokenized US stocks, ETFs, and yield products. Strategic partner of 360X (and Clearstream) but also a potential competitor as it builds its own distribution rails for tokenized securities into European institutions.
• Securitize: Tokenization platform for private funds and securities. Adjacent competitor—offers issuance and transfer agent services that compete for the same institutional issuers that 360X seeks to attract as listing clients.

Broad incumbents

• Deutsche Börse (Xetra): Parent company's traditional exchange for cash equities and ETFs. Comparable venue for regulated securities trading; represents both the strategic anchor of 360X and the established incumbent whose workflows and clients 360X aims to extend into digital assets.
• Coinbase: Largest US-regulated crypto exchange with growing institutional tokenized-asset offerings (including tokenized US stocks). Broad incumbent whose institutional prime brokerage overlaps with 360X's target market and may offer tokenized securities directly.
• Kraken: Global crypto exchange and backer of the xStocks tokenized-equity standard now listed on 360X. Direct partner but also a broad incumbent that could compete with 360X in tokenized equity trading for institutional clients globally.

Direct peers

• Archax: FCA-regulated digital securities exchange, broker, and custodian in the UK. Directly comparable to 360X in serving institutional clients trading tokenized bonds, equities, and funds on regulated infrastructure.
• Bitfinex Securities: Regulated digital securities exchange focused on tokenized equities and bonds for institutional and professional investors. Closest direct competitor to 360X in the regulated security-token venue category, with overlapping target customer base and asset-class focus.
• tZERO: US-regulated alternative trading system for tokenized securities and digital assets. Competes with 360X in providing institutional access to private company equity, real estate, and other tokenized RWAs on regulated infrastructure.

Others

• Clearstream: Deutsche Börse's post-trade arm and 360X's settlement/custody partner. Functions as infrastructure rather than competitor, but its collateral and settlement services are tightly integrated into 360X's value proposition.
• 360T: Deutsche Börse Group's global FX trading venue, sister company to 360X under shared CEO Carlo Kölzer. Adjacent infrastructure being integrated with 360X via the Kraken partnership for fiat on-ramp and FX liquidity into tokenized-asset trading.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 360X