BXM Operations, a firm founded by the CEO and CFO of crypto trading platform BitMEX, plans to purchase Bankhaus von der Heydt, one of the oldest banks in Germany.
The Munich-based bank's current owner, Dietrich von Boetticher, has signed a purchase agreement with BXM, BitMEX announced Tuesday. Terms of the deal were not disclosed.
Bankhaus von der Heydt was formed in 1754 and has in recent years become one of the first regulated institutions in Germany to offer digital asset services.
The German bank offers cryptocurrency trading and custody, the latter through technology provider and crypto unicorn Fireblocks.
The planned purchase forms part of BitMEX's strategy to create a one-stop shop for regulated crypto products in Germany, Austria and Switzerland. It follows the launch of BitMEX Link in Switzerland, a brokerage service offering featuring spot, structured products and over-the-counter trading.
The transaction is subject to approval by BaFin, Germany's regulator for banking and financial services. Following completion, Bankhaus von der Heydt will continue to function as a standalone entity and BitMEX CEO Alexander Höptner and CFO Stephan Lutz will join the supervisory board.
Bankhaus von der Heydt confirmed BitMEX's announcement when contacted by CoinDesk.