Deutsche Bank’s DWS Group, Dutch market maker Flow Traders Ltd., and crypto fund manager Galaxy Digital Holdings Ltd. have announced a joint venture to establish a company named AllUnity. The primary objective of AllUnity is to issue a euro-denominated stablecoin, with the ambitious goal of promoting mainstream adoption of tokenized assets.
According to the group, the new venture, AllUnity, will be headquartered in Frankfurt and spearheaded by Alexander Höptner. Alexander Höptner is a prominent figure in the cryptocurrency and finance industries. He has held leadership positions in various organizations, including BitMEX and 100x Group.
Höptner served as the CEO of BitMEX, a major cryptocurrency derivatives exchange. He has been involved in legal disputes with BitMEX, including a lawsuit for breach of contract and wrongful termination.
Additionally, the partnership will proceed with applying for an e-money license from Germany’s financial watchdog, BaFin. This is aimed at speeding up the launch of a fully collateralized stablecoin within the next 18 months.
DWS Group is a German asset management company that was previously part of Deutsche Bank until 2018, when it became a separate entity through an initial public offering on the Frankfurt Stock Exchange. As of September 30, 2023, DWS has €860 billion of assets under management and aspires to be one of the world’s leading asset managers.
Flow Traders is a proprietary trading firm and market maker that provides liquidity in the securities market through high-frequency and quantitative trading. Founded in 2004 and headquartered in the Netherlands, it operates globally and specializes in exchange-traded products (ETPs). The company went public with an initial public offering on Euronext Amsterdam in 2015.
Galaxy Digital Holdings Ltd. is a digital asset and blockchain leader that helps institutions, startups, and individuals shape a changing economy. The company operates across four business lines: asset management, trading, principal investments, and advisory services.
AllUnity is set to leverage the strengths of its partners: DWS brings portfolio management and product structuring capabilities; Flow Traders contributes liquidity provisioning expertise and global connectivity in traditional and digital assets; and Galaxy provides technical infrastructure and innovative solutions for digital assets.
“The envisaged partnership between DWS, Flow Traders, and Galaxy is unique. Their market reach and expertise will enable AllUnity to develop a go-to-market strategy for a viable EUR-denominated stablecoin to advance the on-chain economy,” said Alexander Höptner, designated CEO, AllUnity.
