Sunday 29 January 2023
Home / none / German crypto asset trading platform Bitcoin Group SE buys bank with full license

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

Bitcoin Group SE, operator of the German crypto trading platform, has announced that it has acquired 100% of shares in Bankhaus von der Heydt. The bank has a full banking license and is a provider of digital asset custody and tokenization services.

According to an announcement released Dec. 12, Bitcoin Group SE has preliminarily proposed to pay bank owner Dietrich von Boetticher 14 million euros and 150,000 shares. Subject to approval from the German Federal Financial Supervisory Authority (BaFin), the deal is expected to close in the third quarter of 2023.

Bitcoin Group SE announced in October that it was in negotiations with several banks, including Bankhaus von der Heydt. Bloomberg reported at the time that privately owned Bankhaus von der Heydt had wanted to launch digital asset trading and custody services, in an attempt to regain profitability, but was unable to finance the technology needed on its own. The bank did succeed in launching a euro-denominated stablecoin, EURB, in 2020, but Know Your Customer regulations prevented the coin from being traded openly.

Related: Germany’s financial regulator orders Coinbase to address ‘business organization’ practices

This is only the latest acquisition Bitcoin Group SE has made in the German banking sector. The group acquired futurum bank in a merger that was announced in 2018 and completed in 2020. Also in 2018, Bitcoin Group SE bought investment bank Tremmel Wertpapierhandelsbank, which was later merged into futurum.

Bankhaus von der Heydt was established in 1754 and is based in Munich. BMX Operations, a company founded by BitMEX executives, tried to buy Bankhaus von der Heydt in January, but the sides called off negotiations in March.

Germany was rated the world's most favorable crypto economy in the third quarter of 2022 in a survey by Coincub. It was followed by Switzerland and Australia in the survey, with the United States ranking seventh.

Original Article

About Jude Savage

Check Also

Solana price rally risks exhaustion after SOL’s 120% pump in two weeks

Solana (SOL) price is up an impressive 60% since the new year, partially boosted by hype surrounding meme cryptocurrency Bonk (BONK). However, the SOL/USD pair now shows signs of exhaustion, raising anticipations that the token may see a short-term correction in the coming days. Solana turns overboughtSolana is one of the best performing cryptocurrencies so far in 2023 after being one of the biggest losers in 2022. On Jan. 9, SOL's price jumped to as high as $19.50, or around 120% gains in a recovery rally after sliding below $8 on Dec. 29, 2022. But the price spik also turned Solana into an overbought asset, per its daily relative strength index (RSI) reading above 70, as shown below. SOL/USD daily price chart. Source: TradingViewTraditional investors typically see an overbought RSI as a potential sell signal, given the indicator has historically coincided with a period of buyer exhaustion. As a result, SOL's price could enter a correction or a sideways consolidation stag..

Leave a Reply

Your email address will not be published. Required fields are marked *