BitMEX reported that a purchase agreement was signed, but did not disclose its terms.
The platform seeks a window to offer regulated cryptocurrency products in Europe.
The P2P (peer-to-peer) trading platform for bitcoin (BTC) and other cryptocurrencies, BitMEX Group, announced this Tuesday, January 18, the signing of a letter of intent to purchase with the Bankhaus von der Heydt bank, one of the oldest entities from Germany.
According to the information published on its official blog, BitMEX expects that the acquisition of the financial institution will favor its objective of expand its operations in Europe and develop the group’s own products in that region. The German bank, one of the first to offer regulated crypto-based products, would be a “one-stop shop for regulated crypto products in Germany, Austria and Switzerland,” BitMEX said.
The purchase agreement was signed through BXM Operations AG, a company founded by BitMEX CEO and CFO Alexander Höptner and Stephan Lutz, respectively. The parties expect to close the operation in mid-2022, however, the purchase will be finalized only after receiving the approval of the BaFin, the German Federal Financial Supervisory Authority.
Upon completion of the purchase, BXM executives will join the bank’s supervisory board, although, according to BitMEX, the bank would continue to operate as an independent business unit.
the german bank Von der Heydt Bank is a credit institution based in Munich founded in the eighteenth century, specifically in 1754. It is the third oldest bank in Germany. The financial institution also has offices in Luxembourg.
Among its digital banking services it includes the custody of cryptocurrencies for institutional clients, as well as solutions for the tokenization of assets, international payment operations and access to the market for regulated digital products.
As reported by CriptoNoticias, in December 2020 Bankhaus von der Heydt began issuing a stablecoin with parity value with the euro. The token, denominated with the ticker EURB, was developed on the Stellar network, a network specialized in financial services. With this move, it became the first European bank to offer this type of product.
Since 2021 it has become apparent that various European financial institutions have been taking an interest in providing services based on bitcoin and cryptocurrencies. Last December the «savings bank«, or German savings banks, revealed a project that will allow its users to make purchases of bitcoin and ether (ETH) directly from their current accounts, starting this year.