Sources: Deutsche Bank Plans to Invest in Two Cryptocurrency Companies

Deutsche Bank AG’s wealth management arm has launched two German companies as part of efforts to stimulate growth, according to people familiar with the matter. cryptocurrency He is in talks to invest in his company.

Deutsche Bank Is In Talks To Invest In Two Cryptocurrency Companies

People who said that DWS Group, led by CEO Stefan Hoops, is in talks to buy a minority stake in Deutsche Digital Assets, a provider of products traded on the Frankfurt-based cryptocurrency exchange, did not want to be named while discussing this private information.

They said that another potential target is Tradias, the market maker firm owned by Bankhaus Scheich.

Tradias was commissioned to sell the cryptocurrency seized by Frankfurt prosecutors in late 2021 with minimal volatility.

The people in question said the bank is also in talks about potential ways to collaborate with Galaxy Digital, led by Mike Novogratz.

Trying to restore DWS’s reputation following allegations of greenwashing that resulted in investigations by US and German authorities, Hoops will enter an industry tainted by a recent series of management scandals, including the collapse of crypto exchange FTX in November.

Hoops has been a strong advocate of new technologies to date, and in December outlined a strategy for using blockchain and digital currencies.

As the bank has in Deutsche Digital Assets, it is stated that talks to invest in Tradias are focused on buying a minority stake.

*Not investment advice.

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