BXM Operations AG, co-founded by BitMEX Group CEO Alexander Höptner and Chief Financial Officer Stephan Lutz, on Tuesday announced plans to acquire Bankhaus von der Heydt, one of Europe’s oldest banks, to build a controlled crypto one-stop-shop in Austria, Germany, and Switzerland.
German bank owner Dietrich von Boetticher and BXM have already signed a purchase agreement. However, it still requires the approval of the German Financial Services Regulatory Authority, BaFin. While the purchase is expected to be completed by mid-2022.
As per the statement, the company aims to expand its operations in Europe. Following the launch of BitMEX Link, a brokerage service in Switzerland, the acquisition of Bankhaus von der Heydt will pave the way for further product development and expansion of BitMEX.
BitMEX CEO Alexander Höptner said Bankhaus von der Heydt’s digital asset expertise and BitMex innovation and scale combination can lead to great things.
“I believe we can create a powerhouse of controlled and regulated crypto products in the heart of Europe”.
BitMEX CFO Stephan Lutz also shared his thoughts on Germany. According to Lutz, Germany has become the largest economy in Europe and the best market for BitMEX expansion in Europe.
While there are also other crypto exchanges that are reportedly announcing their entry into Europe, Mercado Bitcoin operator Brazilian 2TM Group has recently announced its entry into Portugal. Crypto Exchange has acquired a limited stake in CriptoLoja, a licensed Cryptocurrency Exchange by the Central Bank of Portugal.
At the same time, other companies are trying to expand the crypto ecosystem. Gemini Exchange recently announced that it is buying Bitria from San Francisco. The company integrates many of the features created by Bitria into its exchange platform.