Deutsche Bank's asset management unit in talks to invest in two German cryptocurrency companies

02/08 16:26

Deutsche Bank AG's asset management unit, DWS Group, is in talks to invest in two German cryptocurrency companies as part of an effort to revive growth, according to Bloomberg, according to people familiar with the matter. DWS Group, led by chief executive Stefan Hoops, has been in talks to acquire a minority stake in Frankfurt-based Deutsche Digital Assets, a provider of crypto exchange-traded products, but declined to be named when discussing private information. Another potential target is Tradias, a market maker owned by Bankhaus Scheich, and discussions to invest in Tradias are also focused on buying a minority stake, they said. Hoops said on last week's earnings call that DWS had "begun evaluating strategic partners and started due diligence on potential targets" in areas where it wanted to develop new capabilities, such as digital assets. He said the recent drop in digital asset prices could present "interesting opportunities" for DWS.
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