BitMEX plans to acquire one of the oldest banks in Germany with the aim of offering regulated crypto products in Europe.
BitMEX wants to buy Bankhaus von der Heydt
BXM Operations AG, founded by executives of crypto exchange BitMEX, today announced plans to acquire a 268-year-old German bank called Bankhaus von der Heydt.
The acquisition of the Munich-based bank has yet to be approved by the German Federal Financial Supervisory Authority (BaFin) and is expected to close in mid-2022, BitMEX said in a blog post.
The financial details of the agreement, which was signed by the current owner of Bankhaus von der Heydt, Dietrich von Boetticher, will not be disclosed.
According to the announcement, Bankhaus von der Heydt will continue to operate as a standalone company once the deal is completed. The CEO and CFO of BitMEX, Alexander Höptner and Stephan Lutz, will join the bank’s supervisory board.
We’re one step closer to creating a regulated crypto powerhouse in the heart of Europe with this purchase agreement by BXM Operations of German Bank Bankhaus von der Heydt 🙌: https://t.co/VCioQ81zwD
— BitMEX (@BitMEX) January 18, 2022
“Germany, as Europe’s largest economy, combines an innovative approach to digital assets with strong regulatory oversight – making it a prime market for BitMEX’s expansion in Europe,” said Stephan Lutz in a prepared statement.
Bankhaus von der Heydt was founded in 1754 and became one of the first regulated financial institutions in Germany to offer digital asset services.
The bank partnered with digital asset technology provider Bitbond to issue a Euro-backed stablecoin on the Stellar blockchain in December 2020, followed by partnering with Fireblocks in October 2021 to expand its offering into banking, securitization and fund services.
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BitMEX’s European ambitions
According to BitMEX, the acquisition of Bankhaus von der Heydt will help the company “achieve the ambitious goal of establishing a one-stop shop for regulated crypto products in Germany, Austria and Switzerland.”
Today’s announcement also follows the launch of BitMEX Link, a Swiss-based cryptocurrency brokerage firm offering spot, structured products and over-the-counter (OTC) trading.
“By combining Bankhaus von der Heydt’s expertise in regulated digital assets with the crypto innovation and scale of BitMEX, I believe we can create a powerful regulated crypto products company in the heart of Europe,” added Alexander Höptner ready.
