Deutsche Börse partners Naga Group to build gaming marketplace
01 December 2016 | 5520 views | 0
Deutsche Börse is to create a new marketplace for trading virtual gaming products in partnership with local fintech incubation vehicle Naga.
The two companies have set up a joint venture firm, Switex, to provide a platform for the exchange and trade of in-game items. DB will hold a mintory stake in the venture.
The in-game items market is estimated to be worth over $46 billion a year and has seen steady annual growth of over ten percent in the recent past. But at the moment there are few opportunities for players to legally trade game items.
Yasin Qureshi, CEO Naga Group and CEO Switex, says: “We believe that there is a great demand in the gaming community to trade in game items in a fair, secure and legal environment. We will give gamers the chance to monetize the values they have earned through their skills and efforts.”
The German exchange group has talked up the value of collaborating with fintech firms on new ventures, setting up a venture fund in June and promising to create new opportunities for startups to leverage off its professional expertise as a market infrastructure provider.