Germany works on a stablecoin linked to the euro
Through the union of the German bank Deutsche Bank, the crypto fund manager Galaxy Digital and the Dutch market maker Flow Traders Ltd., a company has been created to issue a stablecoin linked to the euro
Germany advances in the field of cryptocurrencies. Recently, Deutsche Bank joined crypto fund manager Galaxy Digital in working with Dutch market maker Flow Traders Ltd. to launch a euro-pegged stablecoin.
The three partners have worked on the creation of a company, called AllUnity, for the next issuance of a stable currency that is linked to the euro, the currency of the European Community.
It is a new initiative that will be based in Frankfurt “and will be led by Alexander Höptner, former CEO of the BitMEX exchange,” according to a company statement.
Deutsche Bank, together with its partners, must apply for an electronic money license to the German financial regulator BaFin, “anticipating the launch of its fully guaranteed cryptocurrency within the next 18 months” and which will be aimed at the corporate, institutional and retail sector and private users.
The consortium for the launch of this digital currency linked to the euro brings together the talent of three solid firms. In Höptner’s words, “the partnership combines the reliability of a major asset manager, a highly successful market maker and a leading innovator in the crypto sector, providing the stability, trust, connection and market power necessary for viable and usable stablecoins.”
M.Pino
Source: motocotacoin
(Reference image source: Allison Saeng, Unsplash)
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