Crypto trading platform acquires fully licensed bank

Last Updated on 1 hour by John Piper

Bitcoin Group SE, which is behind the German-based trading platform Bitcoin.de will acquire a fully licensed German bank, Bankhaus von der Heydt.

According to a press release by the Bitcoin Group SE, it has completed the acquisition of Bankhaus von der Heydt in full. This German bank holds a full banking licence. As part of its platform offerings, the bank offers digital asset custody and tokenizing features. According to the release, Bitcoin Group SE proposed paying EUR14 million and 150,000 shares. The approval of the German Federal Financial Supervisory Authority, (BaFin), is expected to take place in 2023’s second half.

Bankhaus von der Heydt, a Munich-based bank, has a rich history. It was established in 1754. It has had difficulty finding profitable operations in recent years. BMX Operation devised a plan to purchase the bank in January 2022. The negotiations failed and the two companies ended their discussions in March.

This news comes after Bitcoin Group SE announced in October that it was in negotiations with several German banks. Bankhaus von der Heydt, which was looking to establish digital assets trading, was struggling to find ways to make the technology more profitable.

German trading and Bitcoin Opportunities

Although the bank was able to launch a stablecoin that is pegged to the Euro, there were regulatory and protocol issues when it tried to trade the coin on its platform.

Bitcoin Group SE already owns other banks. In 2018, the company purchased the German-based futurum bank as well as Tremmel Wertpapierhandelsbank, an investment bank that merged into futurum.

Germany is known as one of the most cryptocurrency-friendly countries across the globe, ahead of the United States and Switzerland – despite the fact that Zurich is known as one of the world’s most prominent crypto hubs.

Coin Insider’s first article, Crypto trading platform gets fully licensed bank, appeared first on Coin Insider.

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