The widely-known crypto derivatives exchange BitMEX is making big moves to integrate crypto into the traditional finance scene in Europe. so bitmex buys a german bank and not a single soul on twitter talks about it — Erica Wall (@ercwl) January 18, 2022 RECOMMENDED: WHERE DO INSTITUTIONS STAND WITH BITCOIN RIGHT NOW? BXM Operations AG, […] The post Controversial Crypto Exchange BitMEX Acquires 268-Year-Old German Private Bank appeared first on CryptosRus.

Controversial Crypto Exchange BitMEX Acquires 268-Year-Old German Private Bank

The widely-known crypto derivatives exchange BitMEX is making big moves to integrate crypto into the traditional finance scene in Europe.

RECOMMENDED: WHERE DO INSTITUTIONS STAND WITH BITCOIN RIGHT NOW?

BXM Operations AG, a company founded by BitMEX’s CEO Alexander Höptner and CFO Stephan Lutz, just announced that it plans to buy Bankhaus von der Heydt, one of the oldest standing banks based in Munich, Germany. The deal is set to be completed in mid-2022 and will receive approval from BaFin, the German financial services regulatory authority.

BXM and the bank’s current owner, Mr. von Boetticher, have yet to disclose the price tag and other financial details of the transaction. Once the purchase is complete, the bank will reportedly continue operating as a standalone business unit, with both Alexander Höptner and Stephan Lutz joining its supervisory board. 

Alexander Höptner wants to be a powerhouse in bringing crypto products to central Europe.

 “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.”

Stephan Lutz added why the team landed on Germany: “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.”

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  • BitMEX has long been a controversial exchange in the crypto world. Their co-founder surrendered himself to authorities back in April of 2021.
  • Bankhaus von der Heydt isn’t Europe’s first instance of crypto acknowledgment; At the end of 2021, the Gibraltar stock exchange was acquired by the blockchain firm Valereum to introduce cryptocurrency investment products alongside traditional currency products like stocks and bonds
  • In October, the first-ever Tier-One Bitcoin exchange-traded fund (ETF) was approved in Europe
  • A pro-Bitcoin Spanish Lawmaker recently proposed turning the country into a Bitcoin mining hot spot
  • Other major European Banks, such as BBVA Switzerland and the German-based Sparkasse have opened up Bitcoin and Ethereum investment products to their clients
  • Other banks in the continent have walked back some of their claims about crypto – particularly, the Bank Of England followed up on their initial claim that “cryptocurrencies have no intrinsic value,” admitting that they are valid and pose minimal risks to financial stability

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