It has been revealed the fact that a Deutsche Bank subsidiary has formed a partnership with Galaxy Digital, and the aim involves a digital euro. Check out the latest reports about this below.
New important financial partnership
Deutsche Bank’s asset management division has announced a new partnership with Galaxy Digital and trading firm Flow Traders to create a new stablecoin pegged to the Euro currency.
The companies are working together to establish a new firm called AllUnity which plans to issue a virtual currency fully backed by Euro-denominated collateral. DWS Group released a press statement to share this news with the world.
“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.”
As per the press release, AllUnity is expected to 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 time when the regulatory landscape in the digital assets space within the EU is becoming clearer, thanks to the newly enacted Markets in Crypto Assets Regulation (MiCAR).
The introduction of MiCAR will bring a standardized legal framework for stablecoins, which should lead to increased 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.”
