Deutsche Bank Subsidiary Exploring Potential Investments in Crypto Firms
The DWS Group, a subsidiary of the renowned financial institution Deutsche Bank, is exploring potential investments in the cryptocurrency industry in an effort to recover from last year's global market downturn.
Negotiations are reportedly underway for the DWS Group CEO, Stefan Hoops, to obtain a minority stake in two Germany-based crypto firms: Deutsche Digital Assets, a cryptocurrency asset management firm, and Tradias, a digital assets trading company owned by Bankhaus Scheich.
Hoops stated in a recent earnings call that the present dip in the crypto market could present interesting investment opportunities for the DWS Group.
The company is striving to regain growth after experiencing $21.5 billion in outflows and a significant decrease in managed assets, totaling $114.8 billion in 2022.
READ MORE: Institutional Investors Flock to Bitcoin
While no public comments have been made by DWS, Tradias, or Galaxy representatives, this move follows a trend among large banks and asset management companies entering the crypto market.
This includes BlackRock, the world’s largest asset management firm, which took over the management of a portion of Circle’s USDC reserves in November 2022, and JPMorgan, which filed a trademark for a new cryptocurrency wallet with the ability to exchange and transfer digital currencies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
