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Cryptocurrency exchange Bitmex is acquiring a German bank to create a “regulated crypto powerhouse.” The company plans to create a “one-stop shop for regulated crypto products in Germany, Austria and Switzerland.”
Bitmex plans to become a regulated cryptocurrency powerhouse
Cryptocurrency exchange Bitmex announced Tuesday that BXM Operations AG has acquired Munich-based German bank Bankhaus von der Heydt, founded by Bitmex CEO Alexander Höptner and CFO Stephan Lutz.
Bitmex tweeted on Tuesday:
With this purchase agreement signed by BXM Operations of German bank Bankhaus von der Heydt, we are one step closer to creating a regulated crypto powerhouse in the heart of Europe.
“Bitmex Group is pursuing the ambitious goal of becoming a strong player in Europe by establishing a one-stop shop for regulated crypto products in Germany, Austria and Switzerland,” the announcement detailed.
The exchange recently launched a crypto brokerage service in Switzerland. “The acquisition of Bankhaus von der Heydt is now the next step in the group’s expansion and product development in Europe,” the company added.
The two entities have signed a purchase agreement and agreed not to disclose the purchase price or other financial details of the transaction.
The deal is subject to approval by BaFin, Germany’s financial services regulator. The transaction is expected to close in mid-2022. “Once the acquisition is completed, the bank will continue to operate as an independent business unit,” the announcement added.
Bitmex’s CFO believes: “Germany, as Europe’s largest economy, combines an innovative approach to digital assets with strong regulation and the rule of law – making it a key market for Bitmex’s European expansion.”
Earlier this month, Bitmex announced a partnership with Tokeny to launch its BMEX token. However, “BMEX will not be able to withdraw or trade until the launch of the Bitmex Spot exchange at the beginning of the second quarter,” the exchange noted.
In October, Bitmex CEO expected By the end of this year, “we will have at least five countries accepting bitcoin as legal tender. They will all be developing countries.”
What do you think about Bitmex becoming Europe’s crypto powerhouse? Let us know in the comments section below.
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