DWS, the asset management subsidiary of Deutsche Bank, is considering the acquisition of digital assets to take advantage of the lower prices following the crypto crisis and the collapse of FTX. Two potential targets in its sights are Deutsche Digital Assets and Tradias, Bloomberg reports, citing inside sources.

This is unlikely to be a pure cryptocurrency game. In a December presentation, DWS mentioned plans to launch a euro stablecoin and become THE Tokenizer for both real-world tokenized assets and funds that invest in tokens.

Asset manager Deutsche Digital Assets was formerly known as Iconic and manages exchange-traded products for Bitcoin, Ethereum, EOS, and Apecoin, as well as other crypto funds.

Tradias is a subsidiary of Bankhaus Scheich, whose chief executive told Bloomberg last year that it was using the crypto winter to expand its workforce. He mentioned that banks are focused on cryptocurrencies, as well as tokenizing real-world assets, which can include stocks, bonds, and real estate. Tradias does both.

Additionally, DWS has reportedly talked about collaborating with US-based asset manager Galaxy Digital, spearheaded in Europe by former SDX CEO Tim Grant.

Last May, Deutsche Bank and DWS were raided over allegations of greenwashing. CEO Asoka Woehrmann has been succeeded by Stefan Hoops, who previously headed corporate banking at Deutsche Bank. According to the latest figures, DWS’s assets under management fell by 106 billion euros ($114 billion) in 2022 to 821 billion euros ($885 billion).

Many asset managers around the world are looking at the potential of blockchain and digital assets. They include BlackRock, KKR, Apollo, abrdn and Hamilton Lane.