BitMEX CEO, CFO to Buy One of Germany's Oldest Banks

BXM Operations, a firm founded by the CEO and CFO of crypto trading platform BitMEX, plans to purchase Bankhaus von der Heydt, one of the oldest banks in Germany.

• The Munich-based bank's current owner, Dietrich von Boetticher, has signed a purchase agreement with BXM, BitMEX announced Tuesday. Terms of the deal were not disclosed.

• Bankhaus von der Heydt was formed in 1754 and has in recent years become one of the first regulated institutions in Germany to offer digital asset services.

• The German bank offers cryptocurrency trading and custody, the latter through technology provider and crypto unicorn Fireblocks.

• The planned purchase forms part of BitMEX's strategy to create a one-stop shop for regulated crypto products in Germany, Austria and Switzerland. It follows the launch of BitMEX Link in Switzerland, a brokerage service offering featuring spot, structured products and over-the-counter trading.

• The transaction is subject to approval by BaFin, Germany's regulator for banking and financial services. Following completion, Bankhaus von der Heydt will continue to function as a standalone entity and BitMEX CEO Alexander Höptner and CFO Stephan Lutz will join the supervisory board.

• Bankhaus von der Heydt confirmed BitMEX's announcement when contacted by CoinDesk.

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