Deutsche Bank's asset management arm is in talks to invest in two German crypto firms, according to people familiar with the matter.
by a Bloomberg report On February 8, DWS Group CEO Stefan Hoops is currently in talks to buy a minority stake in Deutsche Digital Assets, a provider of publicly traded crypto products. He is also in talks with Tradias, a market maker owned by Bankhaus Scheich, a traditional financial market maker.
Hoops has been optimistic about the opportunities in the digital asset space.
During a recent earnings call, the executive said that DWS has "begun evaluating strategic partners and begun due diligence on potential targets" where it hopes to gain a foothold, including digital assets.
Falling digital asset prices could lead to "interesting opportunities" for DWS, he said.
Speaking about the bank's strategy for the crypto industry, Hoops mentioned a plan to build or acquire "various specific blockchain-related services."
According to the Deutsche Digital Assets website, the firm offers investors exposure to crypto assets through a variety of investment vehicles, ranging from passive funds to actively managed funds, as well as white-label services for asset managers.
Tradias is an over-the-counter (OTC) trading platform for cryptocurrencies and security tokens created by Bankhaus Scheich in 2020, providing crypto lending and liquidity services.
Related: Ethereum-powered Europe-pegged stablecoin launches in Finland
The crypto investment game is reportedly in the midst of DWS efforts to revive growth and restore reputation after accusations of tax fraud and greenwashing. led to polls in Germany and the United States.
The offices of DWS and Deutsche Bank were raided in May 2022 by Frankfurt prosecutors, after finding "sufficient evidence" that ESG standards applied to only a minority of assets, contrary to their marketing claims.
Germany is considered one of the strongest โtraditional taxโ crypto economies that reward long-term cryptocurrency holders, as the country charges zero taxes on cryptocurrency holdings older than one year.
According to an October crypto ranking Evaluating factors such as crypto outlook, clear crypto tax rules, and more transparent regulatory communication, Germany ranks among the most favorable crypto economies.
Post navigation
