Financial giant Deutsche Bank is reportedly looking to invest in the crypto industry to speed up growth for its asset management arm, the DWS Group, after global markets fell last year.
The DWS Group, headed by CEO Stefan Hoops, is said to be in discussions to buy a minority stake in Deutsche Digital Assets, a crypto asset manager, and to invest in Tradias, a digital assets trading firm owned by Bankhaus Scheich.
Hoops reportedly said during an earnings call last week that the current downturn in crypto markets could present DWS with “interesting opportunities” for investments.
He also mentioned that DWS has started to assess strategic partners and commence due diligence on potential targets, including digital assets.
According to Bloomberg, revamping growth is a primary focus for DWS after reporting outflows of $21.5 billion in 2022 and a $114.8 billion drop in managed assets. The report states that public representatives from DWS, Tradias, and Galaxy declined to comment on the matter.
Several banking and asset management giants have been exploring the crypto market in recent months.
Last November, BlackRock, the largest asset manager in the world, took over the management of a portion of Circle’s USDC stablecoin reserves.
In the same month, JPMorgan filed a trademark for a new crypto wallet with the ability to exchange and transfer digital currencies.
