BXM Operations AG, a firm founded by CEO Alexander Höptner and CFO Stephan Lutz, of BitMex has announced plans to purchase one of the oldest German banks, Bankhaus von der Heydt.
The deal is subject to approval by BaFin, the German financial services regulatory authority.
Here is everything you need to know:
- BitMEX Group plans to establish a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland, and thus becoming a strong player in Europe, BitMEX announced on Tuesday.
- The latest move was preceded by the launch of BitMEX Link in Europe, a brokerage service based in Switzerland that facilitates trading in digital assets. The acquisition of Bankhaus von der Heydt is now the next step in the group’s European expansion and product development.
- BXM Operations AG and Bankhaus von der Heydt’s current owner, Dietrich von Boetticher, have signed a purchase agreement, which will be completed only with BaFin’s regulatory approval. The transaction is expected to be complete in mid-2022.
- Once the purchase is finalised, the bank will continue to be operated as a standalone business unit, with Alexander Höptner and Stephan Lutz, joining its supervisory board.