German financial institution Deutsche Bank is in talks to invest in two German crypto firms as the bank is set to diversify its portfolio, according to a report from Bloomberg.
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People close to the matter said that the bank's asset management subsidiary, DWS Group, is in talks about acquiring a minority stake in Deutsche Digital Assets, a broker of crypto exchange-traded products. The report adds that DWS boss, Stefan Hoops, also held similar discussions with Tradias, the market-making firm.
The sources added that DWS was also interested in collaborating with Mike Novogratz's venture firm Galaxy Digital. However, details of the talks remain undisclosed. During an earnings call, Hoops said that the firm started to assess "strategic partners and commence due diligence on potential targets" with "interesting opportunities," Bloomberg emphasized.
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