Crypto financial-services firm Galaxy Digital is teaming up with asset manager DWS to develop exchange-traded products for listing in Europe, according to an announcement on Wednesday.

The ETPs will give European investors access to digital-asset investment through traditional brokerage accounts. Frankfurt, Germany-based DWS, which has 821 billion euros ($907 billion) in assets under management, will be Galaxy's "exclusive ally" for crypto ETPs in Europe, the announcement said.

Galaxy has previously listed exchange-traded funds in Canada with CI Global Asset Management.

While the U.S. Securities and Exchange Commission's repeated rejection of applications to list spot bitcoin ETFs in the U.S. has been a source of frustration in the industry, similar products are now well established in Europe and Canada.

The investment vehicles provide institutional investors with an entry point to crypto without requiring the investors to own digital assets directly, which has been impediment to wider adoption.

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