DWS Collaborates with German Cryptocurrency Firms; Reports Say

• The DWS has been discussing investing in two German cryptocurrency firms.
• The firms include Deutsche Digital Assets and Tradias.
• The firm is also interested in collaborating with Galaxy Digital.

The world’s leading asset management, Deutsche Bank (DWS) has been partaking in discussions to invest in two German cryptocurrency firms including Deutsche Digital Assets, a Frankfurt-based provider of crypto exchange-traded products, and Tradias, a market maker firm owned by Bankhaus Scheich.

As per the report, Stefan Hoops, DWS Group CEO had partaken in the negotiations to buy a minority stake in Deutsche Digital Assets. DWS also targets firms owned by the traditional finance market manager, Tradias.

In addition, as informed by the “people familiar with the matter”, the firm is also interested in collaborating with Galaxy Digital, the firm run by Mike Novogratz.

As updated by the DWS website, the firm offers investors a platform to experience the wide range of crypto possibilities, through a variety of investment vehicles, including passive and actively managed funds as well as white labeling services.

Notably, Hoops expressed his expectations of the bullish opportunities of the digital asset space. He commented that the downturn in crypto prices could end in “interesting opportunities” for asset management.

In addition, the DWS executive told that the firm has “started to assess strategic partners and commence due diligence on potential targets” expecting to gain benefits, including digital assets.

It is noteworthy that DWS isn’t the only traditional finance institution that has taken initiative to expand the digital asset space. For instance, many institutions from the Bank of New York Mellon have stepped into the space, focusing on the vast opportunities of the industry.