BXM Operations AG, a subsidiary of leading cryptocurrency derivatives exchange BitMEX, has announced that it will acquire one of Germany's most traditional banks, Bankhaus von der Heydt (BVDH).
According to the press release on Tuesday, the deal forms part of BitMEX Group’s “ambitious goal” to position itself as a strong player in the European market, establishing a single platform for a variety of regulated crypto products in the European market. Germany, Switzerland and Austria.
Also according to the announcement, the latest move to buy was preceded by the launch of BitMEX Link in Europe, an innovative Swiss-based brokerage service that allows clients to buy and sell digital assets.
BitMEX CEO Alexander Höptner believes that by combining Bankhaus von der Heydt’s expertise in regulated digital assets with BitMEX’s cryptographic innovation and scale, the company will help create a regulated powerhouse for crypto products in Europe.
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, the company's CFO.
The agreement has already been signed by both parties, BXM Operations AG and the current owner of Bankhaus von der Heydt, Dietrich von Boetticher, and will be finalized once it has the approval of BaFin, Germany's financial regulator; and is expected to be finalized by mid-2022. BitMEX has not disclosed the amounts involved in the purchase or any other financial details of the deal.
The purchase, however, will not change the model adopted by BitMEX, which will continue its operation as an independent commercial entity, but the CEO and CFO of BitMEX will join its board of directors. With that in mind, the bank has continued its expansion in offerings since resolving its $100 million legal case with US regulators in August of last year.
