BitMEX Group has signed an agreement with owner Dietrich von Boetticher to purchase Bankhaus von der Heydt bank in a push to expand regulated crypto products. The deal is currently waiting for approval by the German financial regulator, BaFin.
The group expects the transaction to be finalized by mid-year, despite speculations that it could take longer following recent fintech scandals in Germany.
BitMEX CEO, Alexander Höptner, says that the firm wants to develop a regulated crypto product unit across Germany, Switzerland and Austria with the acquisition.
BitMEX reveals that the 268-year-old financial institution would operate as an autonomous unit with Alexander Höptner and Stephen Lutz joining its supervisory board.
Bankhaus von der Heydt was founded in 1754 and recently partnered with Fireblocks to provide cryptocurrency-related services.
BitMEX announced last month that it would issue its token dubbed BMEX to offer trading incentives.
Source: The Block