BitMEX subsidiary BXM Operations AG has announced the acquisition of Bankhaus von der Heydt, one of Germany’s oldest banks.
The deal is part of BitMEX Group’s “ambitious objective” to become one of Europe’s most powerful businesses. How? By establishing a single comprehensive centre in Germany, Switzerland, and Austria for various regulated bitcoin products.
Bankhaus von der Heydt is a German bank with over 350 years of history. It was founded in 1778 by Johann Michael Heydt and has since been associated with some of Germany’s most famous personalities, such as Johann Wolfgang von Goethe, Albert Einstein, and Martin Luther.
Following the debut of BitMEX Link in Europe, the newest step was said to have been a precursor to it. Customers can purchase and sell digital assets using this revolutionary brokerage business based in Switzerland.
Alexander Höptner, CEO of BitMEX, believes that the company’s “combination of Bankhaus von der Heydt’s digital asset knowledge with cryptocurrency innovation and BitMEX size” will aid in the creation of a “regulated powerhouse” for bitcoin products in Europe.
In addition, Stephan Lutz, the company’s Chief Financial Officer, made the following statement about the acquisition plans:
As Europe’s largest economy, Germany combines an innovative approach to digital assets with robust regulatory oversight and the rule of law. As a result, it is a first-class market for BitMEX’s European expansion.
BXM Operations AG and Dietrich von Boetticher, the present owner of Bankhaus von der Heydt, have already signed the deal. It will only be finalised once BaFin, Germany’s financial authority, approves it.
The deal is expected to be completed by the middle of 2022. BitMEX, on the other hand, did not provide any information on the purchase price or any other aspects of the transaction.
Following the completion of the project, the bank will continue to operate as a stand-alone commercial entity. The CEO and CFO of Bitmex will join the company’s board of directors.