Stellar Lumens News Today – Headlines for February 13

  • Von Der Heydt, German bank to use Stellar network to tokenize securities
  • BitBond and Von Der Heydt to launch Euro Stablecoin
  • German Banks have become more interested in crypto

Stellar Lumens News Today – according to reports, one of Germany’s oldest banks, Bankhaus Von Der Heydt, is widening its commitment to the crypto and Blockchain sector. The financial entity announced its plans via an official statement. Von Der Heydt will utilize Stellar’s Blockchain to tokenize securities. This report isn’t a surprise since Stellar was created for bank use like Ripple’s XRP.

Stellar (XLM) Price Today – XLM / USD

NamePrice
bitcoin
Bitcoin
$9,635.08-2.42%
stellar
Stellar
$0.069-4.69%

Bankhaus Von Der Heydt Collaborated with BitBond for the Plan

Von Der Heydt collaborated with BitBond the Berlin-based entity for the initiative. They have received a letter of approval from BaFin (Federal Financial Supervisory Authority) in January 2019. Both entities conducted Germany’s first STO in early 2019. After changing its business model, BitBond offers lending and tokenization services.

Bankhaus Von Der Heydt has depended on this service since 2019. The German bank wants to map bonds and securities on the Blockchain. Stellar’s Blockchain is used here to tokenize all securities that Von Der Heydt will provide to institutional customers through private placements. Here is what the bank said about the tokenization with Stellars’ Blockchain:

Using Stellar’s Blockchain will simplify sales and eliminate costs. Shares will also be traded directly and with no intermediaries which will make financing cheaper and less complex.”

However, the tokens will be made available via private placements. They won’t be accessible to the public. Besides, investors will have the option to buy a Euro Stablecoin. This will be issued by the bank (Von Der Heydt) and can be converted to tokenized securities. Consumers will have the option to exchange traditional Euros for Euro Stablecoin. The Euro Stablecoin can be stored with the bank’s custody solution. The new Euro Stablecoin will allow the bank’s clients to benefit from faster and transparent processes. A productive version of this token will be launched in April.

German Banks Now More Interested in Crypto

Recently, it appears that Germany has become the new mecca for crypto. At the end of the past year, a law was passed. The law became active in January and it forces all exchanges and custodians to get licenses from the BaFin (Federal Financial Supervisory Authority). The effect of this move was positive as it meant the legitimization of crypto in the country. No wonder 40 commercial banks have applied for a license.

Von Der Heydt’s decision to using Stellars’ Blockchain is another good news coming from Germany. It is a strong indication that Blockchain technology has found more use cases and greater acceptance in the country.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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