Crypto Community To Witness a New Euro-Denominated Stablecoin

Crypto platform Galaxy has reportedly entered a strategic partnership with asset management firm DWS and digital asset technology trading firm Flow Traders to form ‘AllUnity’. The partnership intends to introduce a fully collateralized euro-denominated stablecoin under their business.

According to the press release, AllUnity will be under the regulation of BaFin, Germany’s financial supervisory authority. As the partnership brings together experts from various fields, AllUnity intends to leverage Galaxy’s digital asset technical infrastructure, DWS’ portfolio management, and Flow Traders’ expertise and connectivity in traditional finance and digital assets.

Alexander Höptner, who will be leading AllUnity as the Chief Executive Officer, commented on the “unique” partnership that aims to advance the on-chain economy. The co-partners believe that Höptner’s in-depth knowledge of traditional market structure as well as the crypto industry would contribute to building a successful business. Höptner asserted:

I am personally excited about the prospects of AllUnity and honored to have been chosen as its designated CEO. 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.

Galaxy Founder and CEO Mike Novogratz shared his excitement about collaborating with DWS and Flow Traders to “introduce an open, fungible, and interoperable euro-denominated stablecoin that will enable investors across the world to gain access to the burgeoning digital asset space.” He added that this partnership is expected to accelerate its growth strategy in light of the massive adoption of stablecoins.