In an effort to create regulated crypto products, BXM Operations AG, a company founded by Alexander Höptner, the CEO of BitMEX, and Stephan Lutz, the CFO of BitMEX, has announced its intention to acquire Munich-based bank Bankhaus von der Heydt.
Through the acquisition, the company is planning to enhance its operations in the European region. According to BitMEX Group, it aims to establish a one-stop-shop for regulated cryptocurrency products in Germany, Austria and Switzerland. Dietrich von Boetticher, the current owner of Germany’s Bankhaus von der Heydt, and BXM Operations AG have signed a purchase agreement.
Subject to regulatory approval from BaFin, the mentioned transaction is expected to be completed in mid-2022. The financial details of the deal were not disclosed.
Commenting on the planned purchase, Höptner said: “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.”
In addition to its European presence, BitMEX has expanded its operations significantly during the past 12 months. Earlier this month, the crypto firm collaborated with Tokeny for the native exchange token launch.
German Crypto Ecosystem
In terms of GDP, Germany is the biggest economy in the EU region. With the growing popularity of crypto assets, the country has gained the attention of leading players in the global crypto ecosystem. In addition, Germany-based financial institutions have enhanced their crypto-related services. In March 2021, Donner & Reuschel, a private bank headquartered in Hamburg announced its plans to offer digital asset services.
“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,” Lutz added in the press release.
