BitMEX Executives Aim For Expansion In EU – Plan To Acquire A German Bank

BXM Operations, founded by BitMEX executives, plans to expand its services in Europe through the acquisition of the German bank Bankhaus von der Heydt.

BXM Operations AG, founded by BitMEX Group CEO Alexander Höptner and CFO Stephan Lutz, has announced its plans to acquire Bankhaus von der Heydt, one of the oldest banks in Europe, to create a regulated crypto one-stop-shop in Germany, Austria and Switzerland.

The owner of the German bank, Dietrich von Boetticher, and BXM have already signed a purchase agreement, which still requires the approval of the German financial services regulatory authority, BaFin. The deal is expected to be completed by June 2022.

BXM detailed in the announcement that the company’s objective is to expand its operations in Europe. Following the launch of brokerage service BitMEX Link in Switzerland, the acquisition of Bankhaus von der Heydt aims to make room for more product development and reach expansion for BitMEX.

According to Höptner a combination of the digital asset expertise of Bankhaus von der Heydt and the innovation and scale of BitMEX could be the key to great development. He said:

“I believe we can create a regulated crypto products powerhouse in the heart of Europe.”

Lutz commented that Germany, being the largest economy in Europe, makes it a great market for BitMEX’s Europe expansion.

Other crypto exchanges are also announcing their entry to Europe. Mercado Bitcoin operator Brazilian 2TM Group recently announced its entry to Portugal. The exchange revealed their acquisition of a controlling stake in CriptoLoja, a crypto exchange licensed by Portugal’s central bank.

Meanwhile, other firms are also making a push to expand the crypto ecosystem. Gemini exchange also recently announced that it will acquire Bitria, a San Fransisco-based start-up. The firm will integrate several features created by Bitria into its exchange.