IOTA’s Dominik Schiener Buys 10% Stake in German credX AG
Dominik Schiener, co-founder of the IOTA Foundation, has taken another step in establishing next generation of digital framework. Two years after Schiener invested in Xayn, which is a startup company focused on Artificial Intelligence and privacy centered web search and web browser, Schiener revealed that he has bought 10% stake in credX AG.
The financial technology company is creating a B2B commercial funding platform with the aim of making conventional financing highly efficient via its web- and data-led procedures and technologies.
Following the entry of Dominik Schiener on board, the company intends to capitalize on distributed ledger technology, the Internet of Things (IoT) and artificial intelligence (AI) to widen the core of B2B financing applications.
Notably, Schiener and the credX team has already “identified a number of novel use cases” which they intend to create in unison. For instance “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.”
Furthermore, credX aims to offer 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, issued the following statement:
“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.”
Dominik Schiener, on his part, clarified 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.”