German financial giant Deutsche Bank’s asset management subsidiary, DWS Group, is reportedly considering investing in the cryptocurrency industry as part of its efforts to revamp growth.

Following a decrease in global markets last year, the DWS Group is looking to tap into the potential of the crypto market.

According to sources familiar with the matter, the head of DWS Group, CEO Stefan Hoops, is in talks to buy a minority stake in Deutsche Digital Assets, a crypto asset manager.

He is also considering an investment in Tradias, a digital assets trading firm owned by Bankhaus Scheich.

Hoops reportedly sees the current downturn in the crypto market as an opportunity for investment, saying that DWS has started to assess potential targets, including digital assets.

The asset management firm has a primary focus on revamping growth after reporting outflows of $21.5 billion in 2022 and a drop in managed assets of $114.8 billion.

Several banking and asset management firms have made moves into the cryptocurrency market in recent months.

BlackRock, the world’s largest asset manager, took over the management of a portion of Circle’s USDC reserves in November 2022.

JPMorgan filed a trademark for a new crypto wallet with the ability to exchange and transfer digital currencies in the same month.

Neither DWS, Tradias, nor Deutsche Digital Assets have made official comments on the matter.

The investment plans of Deutsche Bank’s asset management arm demonstrate the growing interest in the crypto industry among financial institutions.