Deutsche Bank Heads For Crypto Investments As Part Of Efforts To Revive Growth
Key Points:
- The asset management division of Deutsche Bank AG is in talks to invest in two German cryptocurrency businesses.
- Chief Executive Officer Stefan Hoops has discussed buying a minority stake in Deutsche Digital Assets, a Frankfurt-based supplier of crypto exchange-traded products.
After global markets plummeted last year, Deutsche Bank’s asset management arm is allegedly eyeing investing in the crypto business to accelerate its growth.
According to a new Bloomberg report, the DWS Group of the German banking giant is already in talks to invest in two German crypto businesses.
DWS Group, helmed by Chief Executive Officer Stefan Hoops, has conducted negotiations about acquiring a minority share in Deutsche Digital Assets, a Frankfurt-based supplier of crypto exchange-traded products, according to persons who declined to be identified because the discussions were private. Tradias, a market-making firm controlled by Bankhaus Scheich, is another potential target, they claimed.
He also intends to invest in Tradias, a digital asset trading firm owned by Bankhaus Scheich, security, and digital asset market maker.
According to the newspaper, Hoops stated in an earnings call last week that the recent downturn in cryptocurrency markets may give DWS interesting chances for investment.
During the call, Hoops also stated that DWS had begun to analyze strategic partners and start due diligence on prospective targets, including digital assets.
According to Bloomberg, DWS focuses on reviving growth after reporting $21.5 billion in outflows in 2022 and a $114.8 billion loss in managed assets. However, DWS, Tradias, and Galaxy public officials made no official statements on the topic.
Several banking and asset management titans have entered the cryptocurrency sector recently.
BlackRock, the world’s largest asset manager, took up the administration of a portion of stablecoin issuer Circle’s USDC reserves in November. In the same month, American banking behemoth JPMorgan registered a trademark for a new cryptocurrency wallet that will allow users to swap and transfer digital currencies.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Deutsche Bank Heads For Crypto Investments As Part Of Efforts To Revive Growth
Key Points:
- The asset management division of Deutsche Bank AG is in talks to invest in two German cryptocurrency businesses.
- Chief Executive Officer Stefan Hoops has discussed buying a minority stake in Deutsche Digital Assets, a Frankfurt-based supplier of crypto exchange-traded products.
After global markets plummeted last year, Deutsche Bank’s asset management arm is allegedly eyeing investing in the crypto business to accelerate its growth.
According to a new Bloomberg report, the DWS Group of the German banking giant is already in talks to invest in two German crypto businesses.
DWS Group, helmed by Chief Executive Officer Stefan Hoops, has conducted negotiations about acquiring a minority share in Deutsche Digital Assets, a Frankfurt-based supplier of crypto exchange-traded products, according to persons who declined to be identified because the discussions were private. Tradias, a market-making firm controlled by Bankhaus Scheich, is another potential target, they claimed.
He also intends to invest in Tradias, a digital asset trading firm owned by Bankhaus Scheich, security, and digital asset market maker.
According to the newspaper, Hoops stated in an earnings call last week that the recent downturn in cryptocurrency markets may give DWS interesting chances for investment.
During the call, Hoops also stated that DWS had begun to analyze strategic partners and start due diligence on prospective targets, including digital assets.
According to Bloomberg, DWS focuses on reviving growth after reporting $21.5 billion in outflows in 2022 and a $114.8 billion loss in managed assets. However, DWS, Tradias, and Galaxy public officials made no official statements on the topic.
Several banking and asset management titans have entered the cryptocurrency sector recently.
BlackRock, the world’s largest asset manager, took up the administration of a portion of stablecoin issuer Circle’s USDC reserves in November. In the same month, American banking behemoth JPMorgan registered a trademark for a new cryptocurrency wallet that will allow users to swap and transfer digital currencies.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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