BitMEX’s One-Stop Crypto Shop in DACH Region Plan Gets a Banking Twist

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BXM Operation AG was founded by executives from crypto exchange platform BitMEX. It plans to buy German bank Bankhaus von der Heydt. This is because the BitMEX group aims at creating a one-stop shop for regulated crypto products within the DACH region (Germany and Austria).

BitMEX today said that the acquisition will need to be approved by Germany’s Federal Financial Supervisory Authority (BaFin). It is expected to close in mid-2022. The deal was not disclosed further.

Alexander Hoptner (CEO of BitMEX) was quoted in the announcement as saying, “Through combining regulated digital assets expertise from Bankhaus von der Heydt and the crypto innovation and scale that BitMEX has, I believe it is possible to create a regulated cryptocurrency products powerhouse in Europe.”

In relation to BitMEX’s plans to expand its cryptocurrency products offering throughout the German-speaking regions of Europe, Stephan Lutz (Chair Financial Officer of BitMEX) said that Germany, being the largest economy of Europe, “combines an innovative approach towards digital assets with strong regulatory oversight, rule of law, making it a prime target market for BitMEX’s expansion in Europe.”

BitMEX, a brokerage company, announced that it would be expanding its brokerage service BitMEXLink to Switzerland in October 2021. They stated that they would develop new business lines under BitMEX, including the ability to spot, broker, custody, information products and an academy “to deepen our knowledge of crypto trading and digital assets.”

According to the statement, Hoptner and Luz will join the supervisory board of the German bank once the purchase has been completed.

Bankhaus von der Heydt was established in 1754 and is involved in traditional banking, money, and securitization business. However, it also uses blockchain technology in its operations, and offers a variety of digital asset banking services. These solutions include tokenization to enable efficient payments transactions and provide regulatory safe market access.

Data from banking data provider TheBanks.eu shows that Bankhaus von der Heydt had assets of approximately EUR 13.3m (USD 15.2m), in 2020. It is headquartered in Munich and represented in Luxembourg by its fund company von der Heydt Invest SA and its securitization platform von der Heydt Securitisation SA.

Bankhaus von der Heydt in December 2020 announced their partnership with crypto payment solutions provider SatoshiPay, under which the latter became the first official user the bank’s EURB stabilitycoin.

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