BitMEX Will Acquire Bankhaus von der Heydt: Report

BitMEX will acquire Bankhaus von der Heydt which is one of the oldest banks in Germany, in a bid to become a regulated crypto product powerhouse so let’s read more today in our latest cryptocurrency news today.

BXM Operations AG is a subsidiary of the leading crypto exchange BitMEX that announced plans to acquire one of Germany’s oldest banks Bankhaus von der Heydt. Accoridng to a press release, the deal is part of BitMEX’s group goals to position itself as a strong player in Europe by establishing a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland. According to the announcement, the latest move was preceded by the launch of BitMEX Link in Europe which is a Swiss-based brokerage service that allows customers to buy and sell crypto.

 

BitMEX will acquire one of Germany’s oldest banks and the CEO Alexander Hoptner believes that combining the regulated digital asset expertise of the bank with the crypto innovation and scale of BitMEX will help the company to create a regulated powerhouse for crypto products in the region. The CFO of the company Stephan Lutz noted:

“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 was already signed by both parties and will be completed once it gets approval from Germany’s financial regulator BaFin. According to the release, the acquisition is expected to be finalized by the middle of 2022 and the exchange didn’t disclose the purchase price or other financial details of the deal. Once the purchase is completed, the bank will continue operations as a standalone busienss entity but the exchange’s CFO and CEO will join the board of directors. In the meantime, BitMEX continued expanding its offerings since it settled the $100 million legal case with the regulators in the US. Earlier in December, the crypto exchange announced the launch of its native crypto dubbed BMEX next month and promised an airdrop of a huge amount of the tokens into the users’ wallets by the start of February.

As recently reported, The BitMEX exchange announced a launch of its native token BMEX and it will end the year with great news. Called BMEX, the holders of the token can enjoy trading rebates and even better rates for the exchange’s Earn product which will bring more access to the trading academy of the exchange and much more.