A year ago Deutsche Börse unveiled the Deutsche Börse Digital Exchange (DBDX) for institutional cryptocurrency trading. Now it has integrated it with 360T, its FX trading platform, given the same customer target. Rebranded as 3DX Digital Exchange, it allows clients to use the same connectivity, technology and workflows and expands 360T’s offering from crypto non deliverable forwards (NDFs) to the spot market.
One big change compared to a year ago is Europe’s MiCA crypto regulations are now in force. Hence, 360T received a license from BaFin to operate a crypto trading platform a month ago. It provides a one stop shop by enabling custody and settlement via sister firm Crypto Finance, which also holds the appropriate BaFin licenses. Initially 3DX supports bilateral settlement, but that’s expected to evolve, much in the way DBDX started with limited trading hours and evolved into 24/7 trading.
Given 360T is not a liquidity provider, it provides a neutral trading platform, allowing institutions to source liquidity from multiple market makers. The platform offers prices for BTC and ETH in dollars and euros.
“Not only does the launch of 3DX demonstrate Deutsche Börse Group’s broader commitment to be a leader in the digital assets space,” said Carlo Kölzer, 360T CEO and Head of FX and Digital Assets of Deutsche Börse Group. “It represents a significant milestone in 360T’s history as a global marketplace that aims to grow as a trusted partner in the evolving crypto landscape and in line with the increasing interests from our clients.”
