Galaxy Digital to Collaborate with DWS on European Cryptocurrency Trading Platform

04/26/2023 12:14 • Tech Ticker • 119 views

On April 26th, Galaxy Digital, a financial services company specializing in cryptocurrencies, announced that it will collaborate with DWS to develop a trading platform trading product (ETP) for listing in Europe. According to the announcement, DWS, headquartered in Frankfurt, manages assets worth 821 billion euros (approximately 907 billion US dollars) and will become Galaxy’s exclusive ally in European encryption ETP.

Galaxy Digital will collaborate with DWS to develop ETP

Introduction

On April 26th, Galaxy Digital, a financial services company that specializes in cryptocurrencies, announced that it will collaborate with Deutsche Bank’s asset management division, DWS. The primary goal of this partnership is to develop a trading platform for cryptocurrency products, specifically Exchange-Traded Products (ETPs), to be listed for trading in Europe.

Overview of Galaxy Digital and DWS

Galaxy Digital is a leading financial services firm that specializes in cryptocurrency investments and blockchain technology. The company was founded by Mike Novogratz, a former principal and director of Fortress Investment Group. In 2018, Galaxy Digital was established with the mission to create a better financial system for the internet age, supporting the innovative cryptocurrency ecosystem.
DWS, on the other hand, is one of the world’s leading asset managers that manages assets worth €821 billion, according to the announcement by Galaxy Digital. DWS has a broad range of products and services, including open-end funds and exchange-traded funds (ETFs), and it focuses heavily on sustainability and ESG (Environmental, Social, and Governance) investing.

The Partnership Between Galaxy Digital and DWS

Galaxy Digital and DWS have joined forces to bring a cryptocurrency trading platform to Europe. Cryptocurrency ETPs are essentially investment products that track the value of digital assets like Bitcoin or Ethereum. ETPs make it easier for investors to invest in cryptocurrencies without necessarily having to buy them directly.
The new trading platform that Galaxy Digital and DWS plan to develop will offer a new and secure way for European investors to buy and sell digital asset securities. By providing access to ETPs on a regulated exchange, European investors will be able to enter the cryptocurrency space without any hurdles.

Significance of the Partnership

The joint venture between Galaxy Digital and DWS is an exciting development for the cryptocurrency industry. It shows that cryptocurrencies are starting to become more mainstream, and traditional financial institutions are starting to recognize their potential.
For Galaxy Digital, the collaboration offers an opportunity to expand its reach into the European market. The new platform will enable Galaxy Digital to introduce its products and services to the European market directly. For DWS, the partnership offers an opportunity to broaden its range of investment products and services.

Conclusion

The collaboration between Galaxy Digital and DWS presents a significant step forward for the cryptocurrency industry. By introducing ETPs to the European market, the platform is expected to transform the way people invest in digital currencies. This collaboration is an indication of the crypto industry’s growing potential to unite traditional and innovative finance.

FAQs

Q: What is an ETP?
A: An ETP is an investment product that tracks the price of digital assets like Bitcoin or Ethereum.
Q: How will the new trading platform benefit investors?
A: The platform will provide access to digital asset securities on a regulated exchange, allowing investors to buy and sell cryptocurrencies without directly owning them.
Q: What is the importance of cryptocurrency in the investment world?
A: Cryptocurrency provides a new way of investing and offers investors an alternative to traditional investment products. It has the potential to offer higher returns but also presents higher risks.

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