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BXM Operations AG Announced Its Intention to Buy One of The Oldest Banks in Germany

18 January 2022 13:41, UTC
Anna Martynova

According to a BitMEX blog post, BXM Operations AG, a company related to the BitMEX crypto exchange, has announced its intention to buy one of Germany's oldest banks, Bankhaus von der Heydt in Munich. The purpose of the acquisition is to ensure the launch of regulated and approved crypto products in Germany, Switzerland and Austria in the near future, resulting in the BitMEX Group becoming a strong crypto player and service provider in the European market.

The deal is currently under review by the German financial regulator BaFin. The deal is expected to close in the middle of this year. Following the acquisition, the bank will continue to operate as a separate banking division with BXM Operations executives Alexander HÖPTNER and Stephan LUTZ joining the bank's supervisory board.

In December 2020, Bitbond and Bankhaus von der Heydt launched Europe's first euro-pegged stablecoin: EURB. The stablecoin was created on the Stellar blockchain. At the moment, this is the first stablecoin on the crypto market, created by a banking institution and a crypto company.

Image: Ripple Coin News