Deutsche Bank Subsidiary Forms Partnership With Galaxy Digital and Other Firms To Launch New Euro Stablecoin

Blockchain MARKET_WATCH

The asset management arm of German financial services giant Deutsche Bank is collaborating with crypto firm Galaxy Digital and others to launch a new Euro-pegged stablecoin.

In a new press release, DWS Group says it’s partnering up with Galaxy Digital and trading firm Flow Traders to form AllUnity, a company that plans to issue a fully collateralized EUR-denominated virtual currency.

“The partnership will combine DWS’ strong portfolio management and product structuring capabilities, Flow Traders’ leading liquidity provisioning expertise and connectivity in both traditional and digital assets globally, and Galaxy’s technical infrastructure and track record of delivering innovative digital asset solutions to investors.

As a result, AllUnity will be well-positioned to deliver the leading regulated EUR-denominated stablecoin for institutional, corporate, and private user adoption.”

According to the press release, AllUnity is slated to be incorporated in April 2024 after the European Union’s (EU) new MiCAR (Markets in Crypto Assets Regulation) laws take effect.

“AllUnity will launch during a period of improving regulatory clarity in the digital assets space within the EU, following the newly adopted Markets in Crypto Assets Regulation (MiCAR).

The introduction of MiCAR provides a harmonized legal framework for stablecoins intended to result in greater protection for all market participants.”

As stated by Galaxy Digital chief executive Mike Novogratz in the press release,

“Digital currencies are the natural evolution of the world’s payment system, and Europe – a region at the forefront of the exploration of safe, secure digital money – is paving the way for this inevitable shift.

We are excited to collaborate with DWS and Flow Traders, two financial trailblazers and pioneers, to introduce an open, fungible, and interoperable EUR-denominated stablecoin that will enable investors across the world to gain access to the burgeoning digital asset space.”

Source : The Daily Hodl / Dec 13, 2023

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