- The BitMEX exchange intends to acquire the Bankhaus von der Heydt, a German bank with more than 268 years of experience.
- With this purchase BitMEX Group pursues 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 adoption of cryptocurrencies and blockchain technology by traditional banks was simply inevitable, but, the adoption of traditional banks by cryptocurrency firms may sound like a far-fetched idea.
However, this is no longer just a fantasy as BitMEX intends to acquire the Bankhaus von der Heydt, a German bank with more than 268 years of experience.
BitMEX and Bankhaus von der Heydt
According what was announced by the crypto exchange, BitMex has started the bureaucratic processes for the acquisition of Bankhaus von der Heydt, a bank located in Munich, Germany. However, it will be the regulatory institution of the German country, BaFinwhoever has the last word on the subject.
“BitMEX Group pursues 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, in addition to our global ambitions.”, reads the BitMex press release.
The approval of BaFin to allow the acquisition of one of the oldest banks in Germany by a crypto exchange is expected to take place in the middle of this year, 2022.
“Once the purchase is finalized, the bank will continue to operate as an independent business unit”, expresses the crypto exchange.
Who are Bankhaus von der Heydt?
Bankhaus von der Heydtoriginally founded in 1754 under the name “von der Heydt-Kersten & Söhne”. However, despite being one of the oldest banks in Germany, it is currently ranked 1358 among the Bavarian banks with only $13.2 million euros in his custody.
What undoubtedly makes BitMEX’s purchase of the bank not for capital management issues, but then why?
What intentions does BitMex have with the purchase of the German bank?
According to what can be read in the BitMex announcementthe crypto exchange is betting on creating a large cryptocurrency business perfectly regulated by the authorities of Germany, Switzerland and Austria simultaneously.
“By combining the regulated digital asset expertise of Bankhaus von der Heydt with the crypto innovation and scale of BitMEX, I believe we can create a regulated crypto powerhouse in the heart of Europe.”, reads the publication.
In addition, the crypto exchange has opted for Germany as it is one of the largest and most powerful economies in the world, and the first in the entire European continent.
“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.”, noted the exchange.
Do you think this step by BitMex in acquiring a small traditional bank will spark the wave of crypto exchanges acquiring other banks? Has the time come for the adoption of traditional banks by exchanges, which increasingly have a great financial muscle?
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