The asset management arm of German financial services firm Deutsche Bank is teaming up with crypto firm Galaxy Digital and others to launch a new Europe-pegged stablecoin.
In a new press release, DWS Group says it is teaming 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’s strong portfolio management and product structuring capabilities with Flow Traders’ leading liquidity provision expertise and connectivity across 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 adoption by institutional, corporate and retail users.”
According to the press release, AllUnity will be established in April 2024 after the European Union’s (EU) new MiCAR (Markets in Crypto Assets Regulation) laws come into effect.
“AllUnity will be launched during a period of improving regulatory clarity for digital assets within the EU, following the recently 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 Mike Novogratz, CEO of Galaxy Digital, says in the press release:
“Digital currencies are the natural evolution of the global payments system, and Europe – a region at the forefront of the exploration of secure digital money – is paving the way for this inevitable shift.
We are excited to partner with DWS and Flow Traders, two financial pioneers and pioneers, to introduce an open, fungible and interoperable EUR-denominated stablecoin that will enable investors around the world to access the fast-growing digital asset space.”
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Featured image: Shutterstock/Teo Tarras/Natalia Siiatovskaia