- IOTA Foundation co-founder Dominik Schiener is investing in German fintech startup credX.
- Schiener will support credX’s strategic development and the launch of innovative financial instruments, such as securities tokens.
Dominik Schiener, co-founder of the IOTA Foundation, continues to expand his influence on the next generation of digital infrastructure. Having already invested in Xayn, a startup for an Artificial Intelligence-based and privacy-oriented web search and web browser in 2019, it became public today that he has acquired 10% in credX AG.
The fintech startup is developing a B2B commercial financing platform that already makes traditional financing more efficient through its web- and data-driven processes and technologies. With Dominik Schiener on board, the startup aims to leverage the distributed ledger technology, the Internet of Things (IoT) and artificial intelligence (AI) to expand the base of B2B financing applications.
According to a press release available to CNF, Schiener and the credX team have already “identified a number of novel use cases” that they plan to develop together. For example, “many of the SaaS platforms that credX currently offers will be brought into a distributed ledger environment, to leverage the increased safety, decreased fees, and immediacy that decentralization provides”.
In addition, credX intends to provide affiliated banks and institutional investors with “an expanded range of innovative financial instruments, such as pay-per-use remunerated assets and securities tokens, in addition to traditional financial instruments.” Dr. Ralf Kauther, CEO of credX AG, said:
With the entry of Dominik Schiener, we are continuing our growth journey. The deep tech know-how and experience of our new investor will help us to further digitalize the rather complex processes involved in raising capital for real estate companies and corporates. The entire credX team welcomes Dominik and is looking forward to working with him in the future on many exciting projects.
For his part, Dominik Schiener commented on the investment in credX AG as follows:
There are many things that impress me about credX, not least of which is the fact that the startup has a deep understanding of traditional financing and capital-raising processes. Personally, I see credX as very well positioned in the fast-changing environment of financing and investment processes. I am very happy to be supporting credX in its further development.
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