The exchange BitMEX has signed a purchase proposal with the German bank Bankhaus von der Heydt, one of the oldest in Europe. The contract should take effect in mid-2022 if the German Federal Financial Supervisory Authority gives its approval.

BitMEX wants to buy Bankhaus von der Heydt

The exchange platform BitMEX announced via its official blog that it had signed an agreement to acquire Bankhaus von der Heydt, one of the oldest German banks in the country and in Europe .

The deal stipulates that BXM Operations AG , one of BitMEX’s subsidiaries, will benefit from the purchase. The company is currently led by Alexander Hoeptner, the administrative and financial director of BitMEX as well as Stephan Lutz, the managing director.

Thus, BXM Operations AG and Dietrich von Boetticher, the current owner of Bankhaus von der Heydt, have already signed a purchase agreement , but are awaiting approval from the Federal Financial Supervisory Authority (BaFin). If the transaction is validated by the federal institution, the sale will be effective in mid-2022 .

According to the blog post, this contract follows the official announcement of the future deployment of BitMEX Link, a platform developed by BitMEX for traders operating in the decentralized finance (DeFi) market.

Indeed, the BitMEX group wishes to implement its services within Germany, Austria and Switzerland. This in order to establish itself as the one-stop shop for the cryptocurrency market in Europe .

The acquisition of Bankhaus von der Heydt is the next step in the group’s European expansion and product development. The agreement is all the more symbolic as the German bank is one of the oldest in the country, its creation dating back to 1754 .

A discreet transaction

According to the BitMEX statement, details of the transaction such as the bank’s purchase price or any other financial information will not be disclosed .

However, should the German regulatory authorities ever give their consent to finalize the transaction, the bank would continue to operate as an autonomous body . Alexander Hoeptner and Stephan Lutz, the current directors of BXM Operations AG, would however join the supervisory board of Bankhaus von der Heydt.

Regarding the transaction, Stephen Lutz said:

“ Germany, Europe’s largest economy, combines an innovative approach to digital assets with strong regulatory oversight within the rule of law, making it a prime market for BitMEX expansion. in Europe. »

It remains to be seen whether the German Federal Financial Supervisory Authority will agree to give its approval, given BitMEX’s numerous legal setbacks .

Indeed, in March 2021, Ben Delo, one of the founders of BitMEX, had surrendered to American justice after being accused of money laundering. For the same reasons, the exchange platform was fined $100 million in August of the same year.

A bank familiar with cryptocurrencies

In October 2021, Bankhaus von der Heydt chose the Fireblocks platform, a leader in digital asset management for professional bodies, in order to be able to offer the purchase of cryptocurrencies to its customers.

Fireblocks provides a secure infrastructure for trading, storing, and issuing digital assets to banks, exchanges, lending bureaus, and hedge funds.

Thus, the purchase of Bankhaus von der Heydt by BitMEX makes sense, as confirmed by Alexander Höptner:

“ By combining the regulated digital asset expertise of Bankhaus von der Heydt with the cryptocurrency innovation and scale of BitMEX, I believe we can create the core of regulated digital assets in Europe. »

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