DWS Group Considers Cryptocurrency

DWS Group is preparing to join the ranks of major financial institutions entering the world of cryptocurrencies. The company's global investment manager, Bjoern Jesch, acknowledges the ongoing debates surrounding the true value of digital currencies, and opinions within the firm are sharply divided.

Jesch mentioned that there are differing views within his group. One faction rejects the value of digital currencies and claims they have no real worth. Another group, on the other hand, accepts the current price of Bitcoin and emphasizes that buyers are willing to pay $35,000 for the digital currency.

As Bitcoin experiences a sharp resurgence driven by expectations of regulatory approval for crypto ETFs in the United States, DWS Group finds itself at a turning point. On one end of the spectrum, skeptics align themselves with prominent figures like Charlie Munger from Berkshire Hathaway Inc., who previously labeled digital currency as "partly fraudulent and partly delusional." They point to market volatility and illegal activities associated with digital currencies.

In contrast, supporters emphasize the fear of missing out, highlighting the significant value of digital tokens, which currently amount to approximately $1.3 trillion. In particular, Bitcoin has shown remarkable flexibility, more than doubling its value during the year, surpassing traditional stock returns.

#etf #DWS

Galaxy Digital to Develop ETPs Alongside Asset Manager DWS
Crypto-focused financial services firm Galaxy Digital (GLXY) has teamed up with asset manager DWS to develop a set of exchange-traded products (ETPs) for listing in Europe.
#GLXY #ETP #DWS #crypto2023 #exchange

DZ Bank, the third-largest German bank, is entering the world of crypto custody for institutional investors. 🏦💸

- DZ Bank AG has introduced its own digital asset custody platform, utilizing blockchain technology. This platform is designed to serve institutional clients and offer them access to crypto securities, such as the crypto bond from Siemens.

- The Head of Securities Services & Digital Custody at DZ Bank, Holger Meffert, expressed the bank's keen interest in distributed ledger technology (DLT). He predicts that a significant portion of capital market business will be processed through DLT-based infrastructures within the next decade, seeing DLT as a complementary technology to existing capital market processes.

- DZ Bank has applied for a crypto custody license from the Federal Financial Supervisory Authority (BaFin) in June 2023. This move signifies their intention to allow institutional investors and private customers to purchase cryptocurrencies, including Bitcoin, in the future.

- This initiative by DZ Bank reflects a broader trend among German banks towards embracing cryptocurrencies and blockchain technology, despite the country's strict regulatory environment. Other financial institutions, including Deutsche WertpapierServiceBank (Dwpbank), asset management group DWS, Commerzbank, and DekaBank, are also pursuing crypto custody licenses, aiming to provide customers with access to the world of digital assets.

In summary, DZ Bank's foray into crypto custody is a significant development, highlighting the growing interest and adoption of cryptocurrencies and blockchain technology by traditional financial institutions in Germany.

#dzbank #DWS #dekabank #Germany #BaFin

🚀 $900 BILLION DWS LAUNCHES PHYSICAL BITCOIN ETC IN GERMANY 🚀

Germany joins the US and Great Britain in launching a new physically backed Bitcoin product this year, as DWS, a leading asset manager with over $900 billion in assets under management, introduces Xtrackers Exchange-Traded Commodities (ETC) in collaboration with Galaxy Digital Holdings Ltd.

"Digital assets have evolved from a niche technology innovation to a globally recognized asset class," said Manfred Bauer, Global Head of DWS’ Product Division. With Bitcoin and Ethereum's combined market capitalization exceeding $1.7 trillion, they are now too significant for investors to ignore.

The Xtrackers Galaxy Physical Bitcoin ETC is now listed on Deutsche Börse, offering investors direct participation in the Bitcoin market with the security and transparency of exchange-traded products. Backed by BTC, investors gain direct exposure to Bitcoin's price movements.

DWS strategically partnered with Galaxy to promote Bitcoin adoption in Europe, leveraging Galaxy's expertise in digital asset products and services. "We are delighted to offer investors institutional-grade access to digital assets," said Steve Kurz, Global Head of Asset Management at Galaxy.

State Street serves as the Issuing and Paying Agent and Administration Agent for these ETCs, with MSCI providing reference prices for Bitcoin. The ETCs are 1:1 physically backed and utilize cryptocurrency custodians Zodia Custody and Coinbase for secure storage in offline custody accounts. The ETCs boast an annual product fee of 0.35%.

Stay updated with Professor Mende! 💼🌐
#Bitcoin #CryptoETF #Germany #DWS  #GalaxyDigital