The new venture will adhere to BaFin oversight to ensure compliance.
As part of the collaboration, it will utilize GK8's tokenization and custodial technology.
Deutsche
Bank's asset management arm, DWS, has joined forces with the crypto investment firm
Galaxy Digital and the liquidity provider Flow Traders to introduce a joint venture
focused on creating a EUR-denominated stablecoin.
Bridging
Traditional and Digital Finance
The
collaboration, named AllUnity, aims to bridge the gap between traditional and
digital finance ecosystems and is poised to become a core infrastructure
provider for secure on-chain settlements. Scheduled to launch within the next
18 months, AllUnity represents a strategic effort to accelerate the mass market
adoption of digital assets and tokenization.
The
venture will operate under the regulatory oversight of BaFin, Germany's
financial supervisory authority, ensuring compliance with stringent financial
standards. Stefan Hoops, the CEO of DWS, expressed enthusiasm about AllUnity's
potential impact on the financial landscape.
He
stated: "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."
Hoops
provided an example of the innovative applications, stating: "For
instance, corporates with IoT businesses could use our regulated EUR stablecoin
to make payments in fractions and 24/7 securely, and at their own
convenience."
As
part of the collaboration, AllUnity will leverage tokenization and custodial
technology from Galaxy Digital's subsidiary, GK8. This strategic move positions
AllUnity at the intersection of cutting-edge technology and financial
expertise.
The
venture's leadership will be entrusted to Alexander Höptner, a seasoned
professional with experience at BitMEX, Börse Stuttgart, and Deutsche Börse.
Höptner highlighted the regulatory advantages AllUnity stands to gain,
especially in the wake of the newly adopted Markets in Crypto Assets Regulation.
This regulation, now in force within the EU, provides a harmonized legal
framework for stablecoins, offering increased protection for market
participants.
"AllUnity
will be able to leverage MiCAR, which we believe will contribute to growing the
stablecoin market as it provides a robust regulatory framework that enhances
investor protection and market integrity," Höptner said. "In the
coming period, we will focus on building a strong team of talented crypto,
financial markets, technology, and regulation experts to deliver on our
mission."
The
establishment of AllUnity comes at a time when the regulatory landscape for
digital assets is evolving, and the venture is poised to make contributions to
the broader adoption of stablecoins in the financial market.
Deutsche
Bank's corporate banking division aims to enhance fee income and is following
the path of its investment arm, DWS Group, which has ventured into digital
asset-linked services. In Q1 2023, Deutsche Bank reported pre-tax profits of
€1.9 billion, marking an increase of 8%, with corporate banking division revenue
rising 35% to €2 billion.
Deutsche
Bank's asset management arm, DWS, has joined forces with the crypto investment firm
Galaxy Digital and the liquidity provider Flow Traders to introduce a joint venture
focused on creating a EUR-denominated stablecoin.
Bridging
Traditional and Digital Finance
The
collaboration, named AllUnity, aims to bridge the gap between traditional and
digital finance ecosystems and is poised to become a core infrastructure
provider for secure on-chain settlements. Scheduled to launch within the next
18 months, AllUnity represents a strategic effort to accelerate the mass market
adoption of digital assets and tokenization.
The
venture will operate under the regulatory oversight of BaFin, Germany's
financial supervisory authority, ensuring compliance with stringent financial
standards. Stefan Hoops, the CEO of DWS, expressed enthusiasm about AllUnity's
potential impact on the financial landscape.
He
stated: "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."
Hoops
provided an example of the innovative applications, stating: "For
instance, corporates with IoT businesses could use our regulated EUR stablecoin
to make payments in fractions and 24/7 securely, and at their own
convenience."
As
part of the collaboration, AllUnity will leverage tokenization and custodial
technology from Galaxy Digital's subsidiary, GK8. This strategic move positions
AllUnity at the intersection of cutting-edge technology and financial
expertise.
The
venture's leadership will be entrusted to Alexander Höptner, a seasoned
professional with experience at BitMEX, Börse Stuttgart, and Deutsche Börse.
Höptner highlighted the regulatory advantages AllUnity stands to gain,
especially in the wake of the newly adopted Markets in Crypto Assets Regulation.
This regulation, now in force within the EU, provides a harmonized legal
framework for stablecoins, offering increased protection for market
participants.
"AllUnity
will be able to leverage MiCAR, which we believe will contribute to growing the
stablecoin market as it provides a robust regulatory framework that enhances
investor protection and market integrity," Höptner said. "In the
coming period, we will focus on building a strong team of talented crypto,
financial markets, technology, and regulation experts to deliver on our
mission."
The
establishment of AllUnity comes at a time when the regulatory landscape for
digital assets is evolving, and the venture is poised to make contributions to
the broader adoption of stablecoins in the financial market.
Deutsche
Bank's corporate banking division aims to enhance fee income and is following
the path of its investment arm, DWS Group, which has ventured into digital
asset-linked services. In Q1 2023, Deutsche Bank reported pre-tax profits of
€1.9 billion, marking an increase of 8%, with corporate banking division revenue
rising 35% to €2 billion.
Is Ripple's XRP Facing a Long-Term Price Decline? Adoption Soars 28% Despite Losses
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
#fmls #fmls24 #fmevents #recruitment #financialcareers
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Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
#fmls #fmls24 #fmevents #recruitment #financialcareers
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Executive Interview with Roberto Politano | Innovate Finance | FMLS:24
Executive Interview with Roberto Politano | Innovate Finance | FMLS:24
Executive Interview with Roberto Politano from Innovate Finance at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation
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Executive Interview with Roberto Politano from Innovate Finance at the Finance Magnates London Summit 2024
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#fmls #fmls24 #fmevents #cyptotrading #DigitalAssets #pepperstone
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