DWS, the fund subsidiary of Deutsche Bank, is partnering with Flow Traders, an ETP market maker, and crypto specialist Galaxy to launch a joint venture called Allunity. The Frankfurt-based joint venture aims to promote asset tokenization and introduce a euro-denominated stablecoin in the European market. The collaboration is driven by the increasing focus on digital assets by the EU and the introduction of new regulations such as the Markets in Crypto-Assets Regulation.
Allunity is awaiting approval from the German banking supervision before its planned launch in the first quarter of 2024. The success of the joint venture is expected to be built on the different profiles of the three partner companies, allowing them to establish a presence in the digital asset market.
Alexander Höptner, former CEO of Bitmex and the Stuttgart Stock Exchange, will serve as the CEO of Allunity. The company is also considering expanding into Switzerland, as Höptner has expressed admiration for the Swiss crypto ecosystem and previously introduced Bitmex to the Swiss market.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇩🇪 🇨🇭 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Alexander Höptner |
| Companies | Bitmex, Flow Traders, DWS, Galaxy, Allunity |
| Currencies | None |
| Securities | None |
