German crypto asset trading platform Bitcoin Group SE buys bank with full license

Bitcoin Group SE, relation of the German crypto trading level bitcoin.de, announced that it has acquired 100% of shares successful Bankhaus von der Heydt. The slope has a afloat banking licence and is simply a supplier of integer plus custody and tokenization services. 

According to an announcement released Dec. 12, Bitcoin Group SE has preliminarily projected to wage slope proprietor Dietrich von Boetticher 14 cardinal euros and 150,000 shares. The woody is taxable to support from the German Federal Financial Supervisory Authority (BaFin) and is expected to adjacent successful the 3rd 4th of 2023.

Bitcoin Group SE announced successful October that it was successful negotiations with respective banks, including Bankhaus von der Heydt. Bloomberg reported astatine the clip that privately owned Bankhaus von der Heydt had wanted to motorboat integer plus trading and custody services, successful an effort to regain profitability, but was incapable to concern the exertion needed connected its own. The slope did succeed successful launching a euro-denominated stablecoin, EURB, successful 2020, but Know Your Customer regulations prevented the coin from being traded openly.

Related: Germany’s fiscal regulator orders Coinbase to code ‘business organization’ practices

This is lone the latest acquisition Bitcoin Group SE has made successful the German banking sector. The radical acquired futurum slope successful a merger that was announced successful 2018 and completed successful 2020. Also successful 2018, Bitcoin Group SE bought concern bank Tremmel Wertpapierhandelsbank, which was aboriginal merged into futurum.

Bankhaus von der Heydt was established successful 1754 and is based successful Munich. BMX Operations, a institution founded by BitMex executives tried to bargain Bankhaus von der Heydt successful January, but the sides called disconnected negotiations successful March.

Germany was rated the astir favorable crypto system successful the satellite successful the 3rd 4th of 2022 successful a survey by Coincub. It was followed by Switzerland and Australia successful that survey. The United States ranked seventh.