The asset management arm of German financial services giant Deutsche Bank is collaborating with crypto firm Galaxy Digital and others to launch a new Euro-pegged stablecoin. In a new press release, DWS Group says it’s partnering up with Galaxy Digital and trading firm Flow Traders to form AllUnity, a company that plans to issue a […]
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AllUnity, a new joint venture by DWS, Galaxy and Flow Traders, plans to issue the euro stablecoin on all major public permissionless L1s and L2s, DeFi use cases.
Deutsche Bank’s asset management arm, DWS, is forming a new venture with Michael Novogratz’s Galaxy Digital and Flow Traders to jointly issue a euro-denominated stablecoin.
DWS Group officially announced on Dec. 13 the plan to form AllUnity as part of a new partnership between DWS, Flow Traders and Galaxy to launch a “fully collateralized” euro stablecoin.
AllUnity’s operations will be regulated by the German Federal Financial Supervisory Authority, or BaFin, the announcement notes. AllUnity’s longer-term focus will be to promote the acceleration of mass adoption of digital assets and tokenization.
A former executive of German financial giant Deutsche Bank has been handed a 30-year prison sentence for his role in a crypto fraud scheme. In a new press release, the U.S. Department of Justice (DOJ) says that ex-investment banker and registered broker Rashawn Russell has pleaded guilty to charges of perpetrating a crypto fraud scheme […]
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German banking giant Deutsche Bank just entered a global agreement with Swiss digital asset infrastructure firm Taurus that anticipates further growth in crypto adoption. In a statement, Taurus says the partnership will enable Deutsche Bank to use its custody and tokenization technology to manage cryptocurrencies, tokenized assets and digital currencies. Says Taurus co-founder Lamine Brahimi, […]
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Deutsche Bank is set to offer customers cryptocurrency custody options through a partnership with cryptocurrency infrastructure platform Taurus.
The German bank was one of a handful of company’s to invest in a $65 million, series B fundraising round for Taurus in Feb. 2023. The company offers enterprise-grade infrastructure to issue, manage custody and trade cryptocurrencies, tokenized assets, nonfungible tokens (NFTs) and other digital assets.
According to Taurus co-founder Lamine Brahimiaurus, the partnership underwent a "thorough and very detailed" due diligence process before the German bank decided to use its infrastructure services:
"It started, end of 2021 and ended somewhere in 2022. We won the deal a couple of quarters ago."
As Cointelegraph previously reported, Deutsche Bank has been brewing plans to offer cryptocurrency custody and trading services to its clients over the past three years. The bank most recently applied for a digital asset custody license from Germany’s financial regulator BaFin in June 2023, as it continues plans to offer its customers access to cryptocurrency markets and assets.
Brahimiaurus confirmed that the agreement is global in scope, with Taurus providing custody and tokenization technology in line with local regulatory requirements.
Announcing the partnership, Deutsche Bank global securities services head Paul Maley said that cryptocurrency space is expected to grow to trillions of dollars of assets and is likely to become a priority for investors and institutions.
Meanwhile Deutsche Bank’s asset management arm DWS Group had reportedly been in discussions to invest in two different German-based cryptocurrency firms in Feb. 2023. This included crypto exchange-traded product provider Deutsche Digital Assets and market maker platform Tradias.
Deutsche Bank Singapore and Memento Blockchain recently completed a proof-of-concept called Project DAMA (Digital Assets Management Access) which allows for the management of digital funds in tokenized securities.
Founded in Switzerland in 2018, Taurus’s series B round was led by Credit Suisse and included the likes of Deutsche Bank alongside Arab Bank Switzerland, indicating major interest from traditional finance banks.
The announcement of its series B round also clearly outlined Taurus’s aim to serve “tier 1” banks in Europe. Brahimiaurus also told Cointelegraph that the platform serves close to 30 banks, with most deals going "beyond cryptocurrencies" to include tokenization of equity, debt and other products.
Deutsche Bank is set to offer customers cryptocurrency custody options through a partnership with cryptocurrency infrastructure platform Taurus.
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The US appears headed for a hard landing and a recession, according to the chief economist at one of Europe’s biggest banks. Deutsche Bank’s David Folkerts-Landau says a recession is the highly likely cost of the Federal Reserve’s rapid sequence of interest rate hikes, even if it achieves the desired outcome of lower inflation, reports […]
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A multinational investment bank and financial services company valued at $1.4 trillion is applying for a crypto custody license in Germany. According to a new Bloomberg report, Deutsche Bank AG, Germany’s largest and the European Union’s second-largest bank, is seeking regulatory approval to offer a custody service for digital assets, including cryptocurrencies, in Germany. Says […]
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Bitcoin price performance nails its highest levels this month, but analysts are waiting for the weekly candle close.
Bitcoin (BTC) achieved new highs for the month after the June 20 Wall Street open as observers stayed cautious on market strength.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $27,499 on Bitstamp.
The pair saw its highest levels since May 31 as the return of United States market trading boosted its performance. Versus the prior day’s lows, gains totaled around 4.2%.
Despite this, wary market participants stopped short of calling even a low-timeframe trend shift.
“It's difficult to look for Daily breakout confirmation for BTC in the context of this blue Lower High diagonal resistance,” trader and analyst Rekt Capital commented alongside an explanatory chart.
“Because $BTC has failed so many post-breakout retests on the Daily timeframe here. Better to watch out for Weekly timeframe confirmation.”
In further Twitter coverage, Rekt Capital added that Bitcoin would have a “good chance” of exiting its current downtrend should strength hold out into the weekly close.
“But no meaningful trend-shift has occurred just yet, despite all the excitement,” he reiterated.
Fellow trader Crypto Tony was slightly more optimistic, forecasting a return to $27,500.
“Trend line being broken out as we speak, so let’s see if the bulls have what it takes to turn this into something special,” he commented alongside a chart.
“Remember that $27,100 is a key level for the bulls to flip into support tonight.”
The uptick accompanied news that Germany’s largest bank, the $1.4 trillion lender Deutsche Bank, had applied for a license to custody crypto assets. This was the third similar announcement of the past week, following exchange-traded fund (ETF) applications from BlackRock and Fidelity Investments.
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EDX Markets — a new crypto exchange with founding investors including Fidelity, Charles Schwab and Citadel Securities — opened its doors on the day.
“We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices,” EDX CEO Jamil Nazarali commented in an accompanying press release.
Against the backdrop of U.S. regulatory action against two of the biggest extant exchanges, suspicions over the timing of the new products and applications were easy to spot.
I'm sorry, but after watching, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank, all apply for #Bitcoin ETFs, spot exchanges, etc. only a few days after the SEC drops a TRO on Binance and sues Coinbase... how can't you think this entire past year was a giant inside job…
— Preston Pysh (@PrestonPysh) June 20, 2023
Asset management guru Larry Lepard additionally cited the repeated U.S. rejections of plans by the Grayscale Bitcoin Trust, the largest Bitcoin institutional investment vehicle, to convert to an ETF as food for thought.
Others were hopeful for the long-term positive impact on BTC price action.
“Bitcoin is bullish. Everything has changed," trader and podcast host, Scott Melker, known as “The Wolf of All Streets,” wrote in part of the day’s social media commentary.
“Whether you think the Wall Street intrusion is good or bad is irrelevant... it should help the price of Bitcoin.”
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Germany’s banking industry is slowly warming up to the crypto sector, with multiple partnerships and crypto services launching in 2023 after a long, cautious approach.
Germany’s largest banking institution, Deutsche Bank, has reportedly applied for a digital asset custody license to the country’s financial regulator, the Federal Financial Supervisory Authority, or BaFin, in a bid to expand its revenue streams, Bloomberg reported.
This comes after a similar shift from the bank’s investment arm, DWS Group, and aims to expand on digital asset custody services, including cryptocurrencies. DWS Group had previously indicated an interest in investing in two German crypto firms. Companies negotiating with DWS Group included Deutsche Digital Assets, a crypto exchange-traded products provider, and market maker Tradias.
The banking giant’s corporate bank division first revealed plans to offer digital asset-related services in 2020 but hadn't announced a timeline for the introduction of the services. Deutsche Bank’s commercial banking unit head David Lynne announced on June 20 that the lender is building its “digital assets and custody business,” and that it has applied for a license with the country’s financial regulator, according to Bloomberg.
While Deutsche Bank has been critical of Bitcoin (BTC) and the crypto market’s volatility over the past few years, its tone toward the industry has altered in 2023. In February this year, Deutsche Bank Singapore, in partnership with Memento Blockchain, successfully completed trials for a tokenized investment platform called DAMA (Digital Assets Management Access).
The digital asset fund was created with its own soulbound token and launched a direct fiat-to-digital on-ramp for users.
Related: Almost half of Germans to invest in crypto: Report
Separately, German securities processor Deutsche WertpapierService Bank (Dwpbank) also created a Bitcoin-focused platform, wpNex, for retail customers. The new platform offers crypto accounts alongside bank clients' other accounts without requiring them to do any additional Know Your Customer processes.
Germany’s banking institutions had kept a safe distance from the crypto industry citing its volatile nature and unpredictability, however, that stance appears to be changing in 2023 as major baking institutions continue to explore the potential of adding digital asset-centered services for clients.
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An investment banker formerly employed by Deutsche Bank has been charged with perpetrating a crypto-related fraud. The man from Brooklyn has been accused of misappropriating funds from victims whom he promised large returns on cryptocurrency investments in a Ponzi-like scheme. Ex-Deutsche Bank Investment Banker Arrested and Charged for Defrauding Crypto Investors Rashawn Russell, a 27-year-old […]