BitMEX buys one of the oldest banks in Germany

BitMEX Group has signed a purchase agreement with Bankhaus von der Heydt, a 268-year-old German bank.

Founded by Alexander Höptner, CEO of BitMEX Group, and Stephan Lutz, CFO, BXM Operations AG announced on Tuesday their plans to acquire Bankhaus von der Heydt, one of the oldest banks not only in Germany but also in Europe. They do this to create a regulated crypto one-stop shop in Germany, Austria and Switzerland. The transaction is subject to the approval of the German financial regulator BaFin.

BitMEX CFO Stephan Lutz said in a prepared statement:

“Germany, as the largest economy in Europe, combines an innovative approach to digital assets with strong regulatory oversight and the rule of law – making it a prime market for BitMEX expansion in Europe.”

BitMEX Group has not disclosed the terms of the upcoming deal. However, as soon as BaFin agrees, von der Heydt will continue to operate as an independent business unit, with Höptner and Lutz joining the supervisory board.

This is not Bankhaus von der Heydt's first encounter with cryptocurrencies. In mid-October last year, the bank announced a partnership with Coindex GmbH, a German platform that offers index-based cryptocurrency investing and savings plans, to enable the bank to offer cryptocurrency trading and custody services to its customers.

Meanwhile, other companies are also scrambling to expand the crypto ecosystem. Exchange Gemini recently announced that it would acquire Bitria, a San Francisco-based startup. The company will integrate several features developed by Bitria into its exchange.

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