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.
Feb 8, 2023 at 4:42 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VWCATZJPONANXIZCG2NUMMPFWM.jpg)
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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.
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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