Deutsche Bank’s asset management subsidiary DWS previously announced an alliance with Galaxy Digital. Today it unveiled plans to create a digital assets joint venture, AllUnity, with Galaxy and Flow Traders. While the focus of AllUnity is digital assets and tokenization, it also plans to launch a Euro stablecoin for both institutional and private usage within 12-18 months.
AllUnity hopes to be regulated in Germany by BaFin and the company intends to apply for an e-money license. This is part of the Markets in Crypto Assets Regulation (MiCAR). Galaxy’s subsidiary GK8 will provide custody technology.
“The tokenization of financial assets will play a significant role and contribute to improving financial markets as well as bringing a new level of maturity to the digital asset space,” said Mike Kuehnel, CEO of Flow Traders.
Once the company is incorporated in February it plans to appoint Alexander Höptner as CEO. He was previously Chairman of Boerse Stuttgart as well as its Digital Exchange. Subsequently, he was CEO of Bitmex the crypto exchange known for derivatives trading, where he succeeded founding CEO Arthur Hayes who subsequently surrendered to U.S. authorities. Höptner also spent almost 13 years at the Deutsche Börse.
Recently Höptner became Chairman of 21X, a German firm that plans to launch a blockchain-based exchange as part of the EU’s DLT Pilot Regime.
“Through the future creation of AllUnity, we will bridge the gap between the traditional and digital finance ecosystems to build a core infrastructure provider that facilitates secure on-chain settlement for institutional, corporate and private use,” said Stefan Hoops, CEO of DWS. “For instance, corporates with IoT (Internet of Things) businesses could use our regulated EUR stablecoin to make payments in fractions and 24/7 securely, and at their own convenience.”
Meanwhile, last week Societe Generale FORGE relaunched its institutinoal euro stablecoin EURCV.
