Collaborative Efforts of Galaxy Digital and DWS to Develop a Cryptocurrencies Trading Product (ETP) for Listing in Europe

04/26/2023 12:14 • Digital Disruptors • 86 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

Galaxy Digital, a financial services firm that specializes in cryptocurrencies, recently unveiled their plan to develop a trading platform trading product (ETP) for Europe in collaboration with DWS. This move underscores Galaxy Digital’s interest in expanding its trading services to more countries across the globe after gaining significant traction in the United States.

Overview of the Collaboration

Galaxy Digital, founded by Michael Novogratz, has been a major player in the cryptocurrency sphere, offering trading, asset management, and advisory services. The firm focuses on providing institutional-grade products and services to investors interested in cryptocurrencies.
On the other hand, DWS, headquartered in Germany with assets worth over $907 billion, is one of Europe’s largest asset management firms. DWS provides a variety of investment solutions such as mutual funds, ETFs, and other financial products.
With this partnership, Galaxy Digital aims to leverage DWS’s vast experience in managing investment products within the European market to develop an ETP (exchange-traded product) that complies with EU regulations. According to reports, the ETP will track multiple digital assets and provide investors with seamless access to the crypto industry.

Benefits of the Collaboration

The collaboration between Galaxy Digital and DWS presents several benefits for both companies and investors. Firstly, Galaxy Digital would have access to a massive pool of European investors interested in cryptocurrency investments, hence increasing its client base significantly.
At the same time, DWS would gain a competitive edge in the asset management industry, taking advantage of Galaxy Digital’s expertise in the blockchain and cryptocurrency space.
For investors, the introduction of a cryptocurrency ETP in Europe provides a more accessible way to invest in digital assets, which is often complicated by various regulations.

The Future of Cryptocurrency ETPs in Europe

The collaboration between Galaxy Digital and DWS is an indication of the growing interest in cryptocurrency investment products within the European market. According to a report by Bitwise, a leading cryptocurrency asset management company, institutional investors are increasingly showing interest in digital assets. As such, the introduction of ETPs would satisfy the growing demand for a regulated and accessible investment platform.
With the growing popularity of ETPs in Europe, other asset management firms like VanEck are also jumping into the game, developing their products for the European market.

Conclusion

The partnership between Galaxy Digital and DWS is expected to position both companies as major players in the cryptocurrency investment space. The collaboration would provide a more accessible and regulated way for investors to gain exposure to digital assets.

FAQs

1. What is an ETP?
An ETP is an exchange-traded financial product that tracks the prices of an underlying asset, such as a commodity, currency, or stock.
2. When will the Galaxy Digital-DWS ETP launch in Europe?
There is no official launch date for the Galaxy Digital-DWS ETP yet.
3. Is investing in cryptocurrency ETPs safe?
Investing in ETPs comes with risks, just like any other investment. It’s essential to understand the underlying assets’ volatility and ensure you have a diversified investment portfolio.

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