Merging one of the oldest banks in the world with the new world of crypto sounds like a difficult task. Luckily, Stellar and other Fintech companies are here to help.
The Bankhaus von der Heydt (BVDH), established in 1754, is working with Bitbond—a bank-tech company that turns bonds into digitized tokens. Their plan is to create one of the first secure issuances of a stable coin that will be on the Stellar blockchain.
By creating the coin, BVDH hopes to reassure clients that banks can participate in the evolving use of cryptocurrency without the risk. Unlike other stable coins like Tether and USDC that are only linked to a fiat currency, the EURB stablecoin will be connected to BVDH and Stellar.
“Bitbond has been working with Stellar since 2019, when we issued the first ever tokenized security recognized by the Federal Financial Supervisory Authority (BaFin), the financial regulatory authority for Germany,” said Radoslav Albrecht, Bitbond founder and CEO.
The EURB is now available on-chain to be used as leverage for BVDH customers as well as financial third-party developers to settle transfers through digital assets. This also makes it simple for Stellar to connect users to the EUR network.
“This is a testament to the ways that traditional banking and blockchain can work together, bringing together one of the oldest banks in Europe with a FinTech start up to deliver exciting innovation in the digital currency space,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.