BitMEX's One-Stop Crypto Shop in DACH Region Plan Gets a Banking Twist
BXM Operations AG, a company set up by executives of crypto exchange platform BitMEX, plans to purchase German bank Bankhaus von der Heydt as the BitMEX group aims to establish a one-stop-shop for regulated crypto products in the DACH region (Germany, Austria, and Switzerland).
The acquisition is subject to approval by Germany’s Federal Financial Supervisory Authority (BaFin), and it is expected to be finalized in mid-2022, BitMEX said today. No further details about the deal were disclosed.
“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,” Alexander Höptner, CEO of BitMEX and Co-founder of BXM Operations AG, was quoted as saying in the announcement.
With relation to BitMEX’s plans to expand its crypto products offer throughout the German-speaking region of Europe, Stephan Lutz, Chief Financial Officer of BitMEX and another Co-founder of BXM, said that “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.”
In October 2021 BitMEX announced it is expanding its brokerage service BitMEX Link to Switzerland. They said they will develop new business lines and functions under the BitMEX brand, including capabilities for spot, brokerage, custody, information products, and an academy "to deepen knowledge of digital assets and crypto trading."
Meanwhile, once the purchase is completed, the German bank is to continue its operations as a standalone business unit, and Höptner and Lutz will join its supervisory board, according to the statement.
Set up in 1754, Bankhaus von der Heydt is involved in traditional banking, funds, and securitization businesses, but it also applies blockchain technology in its operations and offers a range of digital asset banking services. These include solutions for tokenization, enabling efficient payment transactions, and providing regulatory secure market access.
Data obtained by banking data provider TheBanks.eu indicates that Bankhaus von der Heydt held assets of about EUR 13.3m (USD 15.2m) in 2020. The bank is headquartered in Munich, and it is also represented in Luxembourg by its fund company von der Heydt Invest SA, and its securitization platform von der Heydt Securitisation SA.
In December 2020, Bankhaus von der Heydt announced its partnership with crypto payment solutions provider SatoshiPay under which the latter company became the first official user of the bank’s EURB stablecoin.
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(Updated at 11:37 UTC with more details about Bankhaus von der Heydt.)