Leading cryptocurrency trading platform BitMEX has taken steps to acquire German bank Bankhaus von der Heydt, the company said in a statement sent to Bitcoin Magazine. A purchase agreement has already been signed but is still awaiting the green light from German regulators.
“The BitMEX Group pursues the ambitious goal of establishing a one-stop shop for regulated crypto products in Germany, Austria and Switzerland, and thus becoming a strong player in Europe – in addition to the group’s global ambitions.”
The deal was signed by BXM Operations AG, a company founded by BitMEX CEO Alexander Höptner and CFO Stephan Lutz, and current Bankhaus von der Heydt owner Dietrich von Boetticher. Details of the agreement have not yet been provided as the signatory parties have agreed not to disclose financial information relating to the transaction, which is pending approval by German financial services regulator BaFin. BitMEX said it expects completion to occur in mid-2022.
“Germany, as Europe’s largest economy, combines an innovative approach to digital assets with strong regulatory oversight and rule of law, making it a prime market for BitMEX’s expansion in Europe” , Lutz said in a statement.
Founded in 1754, Bankhaus von der Heydt is a banking pioneer in Germany, having carried out one of the first securities issues in the country as early as 1835. In addition to its current businesses around traditional banking, funds and securitization, the centenary bank offers a range of banking services related to digital assets.
“By combining the regulated digital asset expertise of Bankhaus von der Heydt with the crypto innovation and scale of BitMEX, I believe we can create a powerhouse of regulated crypto products in the heart of Europe,” Höptner said. in a press release.
This is not BitMEX’s first step into European markets. The company recently announced BitMEX Link, a Switzerland-based service currently in development that promises 24/7 cryptocurrency brokerage for traders, professional traders and institutions, joining spot products, structured and OTC in one place.