Crypto Asset Platform Bitcoin Group SE Acquires Licensed Bank


Bitcoin Group SE, the operator of German crypto trading platform, has declared the purchase of 100 percent of the shares of Bankhaus von der Heydt. The banking institution has a valid banking permit and can offer digital asset custody or tokenization services.

According to an announcement released on Dec. 12, Bitcoin Group SE has already put forward to pay the bank owner, Dietrich von Boetticher, €14 million and 150,000 shares. The transaction is subject to approval of the Federal Financial Supervisory Authority of Germany (BaFin) and is anticipated to be finalized in the third trimester of 2023.

In October, Bitcoin Group SE announced it was in negotiations with several banks, including Bankhaus von der Heydt. Bloomberg reported that the institution was privately held. Bankhaus von der Heydt had looked to set up digital asset custody services and trading services in an attempt to return to profitability, but the technology was not economically feasible. The bank released EURB, a euro-denominated stablecoin, in 2020, however, Know Your Customer regulations obstructed the open trading of the coin.

Related: Germany’s Financial Regulator Orders Coinbase To Address “Business Organizing” Practices

This is only the newest acquisition. Bitcoin Group SE has been involved in the German banking sector. The group purchased futurum bank in a 2018 merger, with the deal finalized in 2020. Also in 2018, Bitcoin Group SE acquired an investment bank called Tremmel Wertpapierhandelsbank, which was later merged into futurum.

Bankhaus von der Heydt was established in 1754 in Munich. BMX executives, the founders of BitMex, attempted to buy Bankhaus von der Heydt in January, however negotiations were brought to a halt by both parties in March.

A survey by Germany ranked the country the best crypto-economy in the world in Q3 2022, followed by Switzerland and Australia. The United States ranked seventh.