DWS Group, in collaboration with Flow Traders and Galaxy, has announced the formation of AllUnity.
This venture is currently awaiting regulatory approval and plans to introduce a fully collateralised EUR-denominated stablecoin to the on-chain economy.
The German Federal Financial Supervisory Authority (BaFin) will oversee the project. AllUnity aims to encourage the adoption of digital assets and tokenisation.
The partnership combines DWS’ expertise in portfolio management and product structuring, Flow Traders’ experience in liquidity provisioning and Galaxy’s technological infrastructure in the digital asset space.
Galaxy’s subsidiary, GK8, will provide tokenisation and custodial technology for AllUnity.
In response to the European Union’s introduction of the Markets in Crypto Assets Regulation (MiCAR), which seeks to enhance protection in the digital assets sector, AllUnity plans to apply for an E-money license from BaFin.
The venture hopes to launch the stablecoin in 12-18 months, contingent on receiving the necessary approvals.
Alexander Höptner has been suggested as the CEO of AllUnity. Höptner has a background in crypto products and traditional market structures. His role is expected to be crucial in guiding AllUnity into the market and achieving its objectives.
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