cryptopolitan.com
TL;DR Breakdown;
- BitMEX acquirs one of Germany’s oldest bank to boost its expansion.
- Bank, Bankhaus von der Heydt already into crypto products before acquisition.
Popular crypto exchange, BitMEX has announced plans to purchase Bankhaus von der Heydt, a 268-year-old German bank.
BXM Operations AG, a subsidiary of the leading crypto derivatives exchange, BitMEX, announced in a blog post on Tuesday.
According to the Blog Post, the deal is part of BitMEX Group’s “ambitious goal” of positioning itself as a strong player in Europe by establishing a one-stop-shop for various regulated crypto products in Germany, Switzerland, and Austria.
However, the complete acquisition of the German bank is still subject t to approval by Germany’s Federal Financial Supervisory Authority (BaFin) and is expected to be finalized in mid-2022, BitMEX said
Bankhaus von der Heydt crypto exploits before BitMEX acquisition
Established in 1754, Bankhaus von der Heydtundoubtedly is one of Germany’s first regulated financial institutions to offer digital asset services.
It stepped into crypto waters back in 2020 when it teamed up with Bitbond to issue a Euro-backed stablecoin on the Stellar blockchain. After that time, the bank partnered with Fireblocks in October 2021 to expand its offerings to digital asset banking, securitization, and fund services.
Despite the acquisition, Bankhaus von der Heydt will continue to be operated as a standalone business once the deal is finalized, with BitMEX’s CEO and CFO, Alexander Höptner and Stephan Lutz, joining the bank’s supervisory board.
Primamrily, the strategic acquisition of the German bank will help the crypto exchange in “pursuing the ambitious goal of establishing a one-stop-shop for regulated crypto products in Germany, Austria, and Switzerland.”
BitMEX has continued to expand its offerings since it settled its $100 million legal case with US regulators in August.
Earlier in December, the crypto derivatives exchange announced that it would be launching its native cryptocurrency, dubbed BMEX, next month, promising to airdrop a significant amount of the tokens into users’ wallets by February 1st.