Bitmex Acquiring German Bank to Create ‘Regulated Crypto Powerhouse’ in Europe – Exchanges Bitcoin News

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 to Be 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 tweets 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.

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

They have both signed a purchase deal and agreed not reveal the purchase price, financial terms or any other details.

BaFin is required to approve the transaction. It is anticipated that the transaction will be completed by 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.”

Bitmex and Tokeny announced earlier this month the launch of their BMEX token. 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.”

How do you feel about Bitmex being a European crypto powerhouse? Please leave your thoughts in the comment section below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

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