Bitmex Acquiring German Bank to Create ‘Regulated Crypto Powerhouse’ in Europe

Crypto exchange Bitmex is acquiring a German bank to create “a regulated crypto powerhouse.” The company plans to establish “a one-stop-shop for regulated crypto products in Germany, Austria, and Switzerland.”

Bitmex Plans to Become a Regulated Crypto Powerhouse

Cryptocurrency exchange Bitmex announced Tuesday a purchase agreement of Bankhaus von der Heydt, a German bank located in Munich, by BXM Operations AG, a company founded by Bitmex CEO Alexander Höptner and CFO Stephan Lutz.

Bitmex tweeted Tuesday:

We’re one step closer to creating a regulated crypto powerhouse in the heart of Europe with this purchase agreement by BXM Operations of German bank Bankhaus von der Heydt.

“Bitmex Group is pursuing the ambitious goal of establishing a one-stop-shop for regulated crypto products in Germany, Austria, and Switzerland, and thus becoming a strong player in Europe,” the announcement details.

The exchange recently launched a crypto brokerage service in Switzerland. “The acquisition of Bankhaus von der Heydt is now the next step in the Group’s European expansion and product development,” the company added.

The two entities have signed a purchase agreement and agreed not to disclose the purchase price or other financial details of the transaction.

The deal is subject to approval by BaFin, the German financial services regulatory authority. The transaction is expected to be complete in mid-2022. “Once the purchase is finalized, the bank will continue to be operated as a standalone business unit,” the announcement adds.

Bitmex’s CFO opined: “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.”

Earlier this month, Bitmex announced the launch of its BMEX token in collaboration with Tokeny. However, “BMEX will not be withdrawable or tradeable until the Bitmex Spot exchange launches in early Q2,” the exchange noted.

In October, the CEO of Bitmex predicted that by the end of this year, “we’ll have at least five countries that accept bitcoin as legal tender. All of them will be developing countries.”

⏩ SOURCE