The founders of popular cryptocurrency exchange BitMEX are set to acquire one of the oldest banks in Germany, Bankhaus von der Heydt, which was formed back in 1754. The move will help establish a regulated cryptocurrency products powerhouse in Europe.

According to an announcement published by BitMEX a company founded by its CEO Alexander Höptner and CFO Stephan Lutz, BXM Operations AG, is looking to acquire the Munich-based bank in a deal that’s subject to regulatory approval by the country’s regulator for banking and financial services BaFin.

According to the press release, BitMEX Group is looking to establish a “one-stop shop for regulated crypto products in Germany, Austria, and Switzerland, and thus becoming a strong player in Europe” in addition to its global ambitions.

A purchase agreement has been signed between BXM Operations AG and Bankhaus von der Heydt’s current owner, Dietich von Boetticher, and the transaction is expected to be complete in mid-2022. In a statement, Alexander Höptner was quoted saying:

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.

Bankhaus von der Heydt has notably become one of the first regulated institutions in Germany to offer digital asset services. The move was preceded by the launch of BitMEX Link in Europe. BitMEX Link is an “innovative brokerage service based in Switzerland that facilitates trading in digital assets.”

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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