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Breaking: A sneakers producing company is now worth $1 billion on the stock exchange

A sneakers producing company has just made sneaker production more fashionable and interesting. The company is now worth $1 billion on the NewYork Stock Exchange

StockX has officially reached a $1 billion valuation after its most recent funding round, co-founder Josh Luber told CNBC on Wednesday.

The company, which brands itself as the “stock market of things,” also announced that Scott Cutler would be taking over as CEO. Cutler was formerly a Senior Vice President for the Americas at eBay. Prior to that, he was president of StubHub, and was an executive vice president at the New York Stock Exchange.

StockX is positioned at the center of a continually growing sneaker resale market. “Globally, it’s maybe $6 or 7 billion,” says Luber. “But the global retail sneaker market is $100 billion. And that’s actually the market we’re a part of.”