Galaxy Digital has formed a strategic partnership with Germany-based DWS, a fund group with nearly $1 trillion in assets under management, to introduce exchange-traded products (ETPs) to European investors.
The collaboration aims to bolster Galaxy’s international distribution capabilities and tap into the rapidly growing European cryptocurrency market. According to Blockworks, a spokesperson has said European investors have shown a sustained interest in institutional-grade products that facilitate cost-effective and streamlined access to cryptocurrency markets using brokerage accounts.
While such products have gained traction in the US market, their development has lagged in Europe. DWS, previously a division of Deutsche Bank, managed approximately €821 billion (around $910 billion) in assets as of December 31, with nearly half of those assets originating in Germany and a quarter in the Americas.
The new partnership between Galaxy Digital and DWS follows the former’s collaboration with Invesco in September 2021, which focused on developing a suite of cryptocurrency ETFs in the US.
In November, Galaxy partnered with Itaú Asset Management, Latin America’s largest private asset manager, to launch the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11) on the B3 Stock Exchange.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/apr/27/
