Collaboration between Deutsche Bank Subsidiary, Galaxy Digital, and Other Companies for the Introduction of a Euro Stablecoin

Deutsche Bank Asset Management Arm Collaborates with Galaxy Digital to Launch Euro Stablecoin

Deutsche Bank’s asset management arm, DWS Group, is teaming up with crypto firm Galaxy Digital and trading firm Flow Traders to establish AllUnity. This new company aims to issue a fully collateralized Euro-pegged stablecoin. By combining DWS’ portfolio management capabilities, Flow Traders’ liquidity provisioning expertise, and Galaxy’s technical infrastructure, AllUnity plans to deliver a regulated Euro stablecoin for institutional and private users.

AllUnity Set to Launch After New EU Regulations Take Effect

AllUnity is expected to be incorporated in April 2024 following the implementation of the European Union’s Markets in Crypto Assets Regulation (MiCAR) laws. The introduction of MiCAR will provide a harmonized legal framework for stablecoins, offering increased protection for market participants.

Partnership Aims to Lead the Shift Towards Digital Currencies

Galaxy Digital CEO Mike Novogratz believes that digital currencies are the future of payment systems. He sees Europe as a region at the forefront of exploring safe and secure digital money. Novogratz is excited about collaborating with DWS and Flow Traders to introduce an open and interoperable Euro stablecoin that will give investors worldwide access to the growing digital asset space.

Hot Take: Deutsche Bank Subsidiary Joins Forces with Galaxy Digital for Euro Stablecoin Launch

Deutsche Bank’s asset management arm, DWS Group, has partnered with Galaxy Digital and trading firm Flow Traders to create AllUnity, a company focused on launching a fully collateralized Euro-pegged stablecoin. With the combined expertise of these three firms, AllUnity aims to become a leading provider of regulated Euro stablecoins for institutional and private users. The launch is planned for after the implementation of the European Union’s new regulatory framework for stablecoins in April 2024. This partnership highlights the increasing interest of traditional financial institutions in the crypto space and demonstrates the growing acceptance and adoption of stablecoins in the global financial market.