https://ift.tt/3tRVSYH to Acquire One of Germany’s Oldest Banks

BXM Operations AG, a subsidiary of the leading crypto derivatives exchange, BitMEX, has recently announced its plans to acquire one of Germany’s oldest banks, Bankhaus von der Heydt (BVDH).

According to a press release shared with CryptoPotato on Tuesday, 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 a variety of regulated crypto products in Germany, Switzerland, and Austria.

Per the announcement, the latest move was preceded by the launch of BitMEX Link in Europe, an innovative Switzerland-based brokerage service that allows customers to buy and sell digital assets.

A Regulated Crypto Powerhouse

BitMEX CEO, Alexander Höptner believes that “combining the regulated digital assets expertise of Bankhaus von der Heydt with the crypto innovation and scale of BitMEX” will help the company to create a regulated powerhouse for crypto products in Europe.

Stephan Lutz, the company’s CFO, also commented, saying, “Germany, as the largest economy in Europe, 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.”

The deal has already been signed by both parties involved, BXM Operations AG and Bankhaus von der Heydt’s current owner, Dietrich von Boetticher, and will be completed once it receives approval from BaFin, Germany’s financial regulator.

BitMEX to Finalize the in Deal Mid-2022

Per the release, the acquisition is expected to be finalized by mid-2022. BitMEX, however, did not disclose the purchase price or any other financial details of the deal.

Once the purchase is completed, the bank will continue its operation as a standalone business entity, but BitMEX CEO and CFO will join its board of directors.

Meanwhile, 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 will be launching its native cryptocurrency, dubbed BMEX next month, promising to airdrop a significant amount of the tokens into users’ wallets by February 1st.