Bitcoin Group SE made an announcement that it has finalized an agreement to acquire Von der Heydt, one of the oldest banks in Europe. The Group said it will be paying 14 million euros in cash and 150,000 shares to complete the deal.
The final decision on the purchase is however dependent upon approvals that will be obtained from the German Federal Financial Supervisory Authority (BaFin). BaFin is Germany’s financial regulator, which is responsible for regulating banks, insurance firms, and crypto companies.
According to statements from the Bitcoin Group, the deal is expected to pull through by the third quarter of 2023. With the acquisition, the company will gain ownership of one of the world’s oldest banks and a complete banking license in Germany.
The Bitcoin Group is a German investment company that is focused on the trading and development of digital assets, including cryptocurrencies like Bitcoin. The company’s goal is to provide a platform for investors to easily access and invest in the growing world of digital currencies and blockchain technology.
On the other hand, Von der Heydt Bank is a private bank that was founded in the 19th century. It is well known for its expertise in corporate finance and investment banking. Today the bank has been fully regulated to offer a wide range of crypto services including tokenization and safe custody of digital assets.
The Development of Von der Heydt in the Digital Industry
The German bank announced earlier in the year that it has successfully advanced its technological infrastructure to provide customers with more effective services.
The bank stated in a blog post that its new infrastructure permits it to link all digital assets including Non-fungible Tokens (NFT), with traditional banking and payment methods in fiat currencies, like US dollars or euros.
In addition, the bank stated that it is also making efforts to integrate fiat payments into its other blockchain services such as brokerage and crypto custody.
BitMEX Group was one of the firms that earlier indicated an interest to purchase Von der Heydt. The deal which was also subject to BaFin’s approval at the time eventually was not finalized. It was reported that the deal was mutually called off by both parties.
At the time of the agreement, BitMEX did not give details about the price of purchase or any other financial transaction. BitMEX said the bank will continue to operate as a separate business following the completion of the acquisition.
