German banking giant Deutsche Bank’s subsidiary DWS recently announced its intention to launch AllUnity as part of a new partnership between DWS, Flow Traders, and Galaxy. The goal of the joint venture is to advance the tokenized economy by issuing a fully collateralized Euro-denominated stablecoin. AllUnity, which will be regulated by Germany’s financial regulator BaFin, will focus on accelerating the broader market adoption of digital assets and tokenization in the long term.

The three AllUnity partners bring deep market penetration of their respective markets and long experience in developing and distributing innovative financial products in accordance with applicable regulations. The joint venture combines DWS’s capabilities in portfolio management and product structuring, Flow Traders‘ expertise in providing liquidity and bridging traditional and digital assets, and Galaxy’s track record in technical infrastructure and innovative solutions for digital assets.

As a result, AllUnity will be well positioned to provide the leading regulated Euro-denominated stablecoin to institutional and retail investors and businesses. Additionally, GK8, a wholly-owned subsidiary of Galaxy, will provide its tokenization and custody technology to support AllUnity in the development of the stablecoin.

The MiCAR regulation creates a legally secure framework for tokenization in Europe! AllUnity launches at a time when digital assets in the EU are increasingly regulated more clearly, such as through the new Markets in Crypto-Assets Regulation (MiCAR). MiCAR provides a harmonized legal framework for stablecoins, with the ultimate aim of providing greater protection for all market participants. AllUnity will initially apply for an e-money license from BaFin with the goal of issuing a stablecoin in the next 12 to 18 months. The formation of AllUnity is subject to various conditions, including the relevant approval by BaFin and the competition authorities.

The partners intend to appoint Alexander Höptner as Chief Executive Officer (CEO) of AllUnity. The three partners believe he brings the necessary experience and vision to build and successfully lead the company. His experience in developing crypto products, his expertise in the broader traditional financial market infrastructure, and his deep knowledge of the financial industry are the key attributes to establish AllUnity in the market.

Alexander Höptner has built the crypto business of the Stuttgart Exchange Prior to this sought-after position, Alexander Höptner was Group CEO at the 100x Group, the holding structure for the BitMEX platform. Before that, he was CEO at Boerse Stuttgart GmbH and Euwax AG, where he served as CEO. Under his leadership, Boerse Stuttgart became a pioneer in trading digital assets when it became the first traditional exchange operator in the EU to offer crypto markets. Prior to this, he held various senior positions at Deutsche Boerse AG, the operator of the Frankfurt Stock Exchange, for 15 years before leaving to launch two start-ups for virtual asset trading on the blockchain in the gaming industry.

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