BitMEX Execs Plan to Acquire One of Germany’s Oldest Banks

The acquisition is the latest example of a cryptocurrency company making a move into traditional banking

article-image

BitMEX CEO Andrew Höptner

share

key takeaways

  • BitMEX executives are planning on buying a 268-year-old bank
  • Pending regulatory approval, BXM Operations AG will purchase Bankhaus von der Heydt for an undisclosed amount

BitMEX’s top brass is laying the groundwork for the company’s European expansion.

BXM Operations AG, the company founded by BitMEX CEO Alexander Höptner and CFO Stephan Lutz, announced plans on Tuesday to acquire German bank Bankhaus von der Heydt. 

The acquisition of the 268-year-old bank is the first step toward creating a one-stop shop for regulated cryptocurrency products across Germany, Austria and Switzerland, the company 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,” Höptner said in a statement. 

Bankhaus von der Heydt is no stranger to digital assets. In October, the Munich bank revealed plans to expand into crypto banking through a custody deal with Fireblocks, becoming one of the first banks to offer crypto services in the region. In addition to custody, Bankhaus von der Heydt currently offers blockchain payments services.

BitMEX is particularly looking to Germany to begin its European expansion, given the country’s business-friendly economy, Lutz said. BXM Operations AG is headquartered in Germany. 

The announcement is in line with a growing trend of cryptocurrency companies expanding into traditional banking services. Crypto exchanges including Coinbase and Kraken now offer lending and prime brokerage services, for example. 

BXM Operations AG and Bankhaus von der Heydt’s current owner, Dietrich von Boetticher, have agreed on terms — pending approval from German regulator BaFun. 

Bankhaus von der Heydt will continue its banking operations after the deal is finalized, according to BXM Operations AG. Höptner and Lutz will serve on the bank’s supervisory board. 

The acquisition is expected to be finalized by the middle of the year. Terms of the deal were not disclosed. 

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million