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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
Updated May 9, 2023, 4:07 a.m. Published Feb 8, 2023, 4:42 p.m.
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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