DWS Group, the asset management arm of Deutsche Bank AG, is making moves to restore investor confidence and drive growth. In an effort to do so, the company is in talks with two German cryptocurrency firms, Deutsche Digital Assets (DDA) and Tradias, to acquire minority stakes. This move aligns with DWS Group’s strategy for blockchain and cryptocurrencies and is in line with CEO Stefan Hoops’ plan for using novel technologies like digital currencies.
Recent greenwashing allegations and a bear market caused a drop in DWS Group’s growth and investor trust, leading to outflows of roughly €107 billion ($108.5 billion). Hoops sees the recent decline in the cryptocurrency industry as an opportunity for the asset manager and has confirmed that the company has started due diligence on potential targets.
Traditional financial institutions, like Bank of New York Mellon Corp (BNY Mellon), have already started to explore the cryptocurrency industry, and DWS Group is following suit. The acquisition of minority stakes in DDA and Tradias is a crucial step in the company’s effort to revive growth and restore investor confidence.
In conclusion, DWS Group’s investment in Deutsche Digital Assets (DDA) and Tradias is a strategic move to drive growth, restore investor confidence, and explore the exciting world of cryptocurrencies and blockchain. The recent decline in the industry could provide opportunities for DWS, and the company is poised to make the most of them.
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