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.
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