https://ift.tt/3AdVhRS Investors Are Highly Optimistic In BitMEX’s Acquisition Of One Of Germany’s Oldest Banks ⋆ ZyCrypto

BitMEX just revealed its EU expansion plans. BXM Operations AG, a firm established by the CEO and CFO of BitMEX crypto exchange, has today revealed intentions to acquire Bankhaus von der Heydt, one of the oldest banks in Germany.

BitMex Is Preparing To Acquire Bank Bankhaus von der Heydt For Undisclosed Sum

BitMEX announced on Tuesday that BXM had struck a deal with Bankhaus von der Heydt, a bank that was established in 1754. The 268-year-old Munich-based bank has in recent years emerged as one of the first regulated financial institutions to offer digital asset-related services.

The financial terms of the deal, which was signed by the bank’s current owner, Dietrich von Boetticher, have not been disclosed.

The acquisition would reach its conclusion following a nod from Germany’s Federal Financial Supervisory Authority, or BaFin. Once approved by BaFin, the deal is expected to be closed by mid-2022. Bankhaus von der Heydt will continue operating as a separate entity after the purchase, and BitMEX CEO Alexander Höptner and CFO Stephan Lutz will join the supervisory board of the bank.

Investors Highly Optimistic In The Deal

For years, despite several controversies, strict regulatory scrutiny, and lawsuits that even saw former CEO and CTO, Arthur Hayes and Samuel Reed stepping down, BitMEX has been able to secure its position as one of the world’s leading cryptocurrency derivatives platforms.

Prior to today’s announcement, the firm set up a BitMEX link in Swizterland, a platform that provides brokerage in spot and over-the-counter cryptocurrency trading. The imminent acquisition of Bankhaus von der Heydt is in keeping with BitMEX’s ambitious strategy to create a one-stop-shop for regulated crypto products in Germany, Austria, and Switzerland.

BitMEX fans remain highly optimistic about the purchase because, with the deal, the exchange could become a powerful crypto player and service provider in the vast European market.

“Through combining the regulated digital assets expertise of Bankhaus von der Heydt with the crypto innovation and scale of BitMEX, I believe we can create a regulated crypto products powerhouse in the heart of Europe,” CEO Alexander Höptner remarked in the blog post.

According to BitMEX, Germany is the biggest economy in Europe and it offers an innovative approach to crypto-assets coupled with strong regulatory oversight, making it “a prime market” for its expansion into Europe.

With the latest acquisition, investors are anticipating a re-established focus on more rigorous compliance measures — which will help get BitMEX on the regulators’ good side — and the overall growth of the exchange.