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Finance

Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg

The banking giant’s asset management arm, DWS Group, is looking to expand further into the digital assets space.

By Helene Braun
AccessTimeIconFeb 8, 2023 at 4:42 p.m. UTC
Updated May 9, 2023 at 4:07 a.m. UTC
(Shutterstock)
(Shutterstock)

The asset management group of German banking giant Deutsche Bank AG is in talks to invest in two German crypto companies as part of its growth strategy, according to a Bloomberg report.

People familiar with the matter told Bloomberg that Stefan Hoops, the CEO of the division, known as DWS Group, has entered into negotiations to buy a minority stake in Deutsche Digital Assets, a provider of exchange-traded products, as well as trading firm Tradias, which is owned by leading securities trading bank and market maker Bankhaus Scheich.

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    • During an earnings call last week, Hoops, who has been a crypto advocate for some time, said the current low prices for crypto assets could create “interesting opportunities” for DWS.

    In a company road map laid out in December, Hoops mentioned one of the company’s goals is to put its products on the blockchain, with a vision of creating a euro-based stablecoin, as well as building or investing in various blockchain-related services.

    Deutsche Bank did not immediately respond to a request for comment.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Helene Braun
    Helene Braun

    Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

    Follow @HeleneBraunn on Twitter