Deutsche Bank Investment Arm Reportedly in Talks With Crypto Firms to Boost Growth

The asset management division of Deutsche Bank is reportedly aiming to invest in two German cryptocurrency companies in an attempt to boost growth.

Bloomberg reported that the company is discussing purchasing a minority share in Deutsche Digital Assets and Bankhaus Scheich-owned Tradias. Meanwhile, a collaboration with Mike Novogratz-run Galaxy Digital could also be on the cards.

Deutsche Bank Crypto Investments During Market Downturn

According to Crunchbase, Tradias is a fintech business with headquarters in Frankfurt that offers services for digital asset management, loans, stock exchange, and cryptocurrency trading. While Deutsche Digital Assets is a Frankfurt-based provider of cryptocurrency exchange-traded instruments.

Meanwhile, Stefan Hoops, CEO of DWS Group, expresses optimism about the future of digital assets. The executive recently stated during an earnings call that the company has begun to analyze strategic partners and undertake due diligence on prospective targets, including digital assets.

Greenwashing Allegations Surrounded DWS Last Year

DWS Group, one of the top asset managers, seems to be eyeing the digital asset market during a downturn. Since the last quarter of 2021, crypto winter has grabbed the markets, costing over $1 trillion in capitalization. The FTX implosion has also kept the market gains in the red. That said, the reports also come after the May 2022 “greenwashing” allegations.

Last year, German investigators raided DWS over claims that it misled clients about “green” investments. However, DWS reiterated its rejection of any investor misinformation.

The prosecutors asserted that they were probing whistleblower and news claims that DWS had engaged in “greenwashing.” Greenwashing is misrepresenting investments as being “more sustainable” than they were.

Meanwhile, in Germany, DekaBank, one of the major providers of securities services to the German Savings Banks Finance Group, is also eyeing crypto. BeInCrypto reported last week that DekaBank has partnered with METACO, a Switzerland-based cryptocurrency firm, to offer crypto-related services to institutions.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Bookmark (0)

Related Posts

Ex-Coinbase CTO Claims US Dollar is No Longer Too Big to Fail, Touts Bitcoin

Coinbase former CTO Balaji Srinivasan said the US Dollar (USD) is not too big to fail.
Srinivasan expects Bitcoin (BTC) to replace it as the global reserve currency.
The US Dollar Index is down 8.9% in the last 6 months and has lost 1.34% of its value in the past year.

Bookmark (0)

Federal Reserve Slams Custodia Bank, Says it Endangers Crypto Industry and Itself

The Federal Reserves has detailed why it rejected Custodia’s bank application.
Custodia countered that its model prevents the kind of bank run that recently bedeviled the banking industry.
The bank further claimed the Feds statement showed its general bias against digital assets.

Bookmark (0)

Decentralized digital identities and credentials are key to mass Web3 adoption

As the world of Web3 emerges, decentralized digital identities present a promising alternative to the current.

Bookmark (0)

The Cayman Islands: A Safe Haven for Blockchain Companies?

Cayman Islands vs. Bahamas: How the FTX scandal impacted both jurisdictions.
The regulatory landscape and tax benefits of the Cayman Islands.
Importance of transparency and reputation in offshore financial services.

Bookmark (0)

What is fiscal policy, and why does it matter?

Fiscal policy shapes economies through government spending, taxation and borrowing.

Bookmark (0)

Litecoin (LTC) Retains Whale Interest Despite Recent Price Retracement, but Can It Reclaim $100?

Litecoin cleared $100 for the first time in 10 months before its recent correction.
Savvy whales have bought $280 million worth of tokens in the past month.
LTC average transaction size increased sevenfold in March.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *