Cryptocurrency company Bitcoin Group announced plans to acquire the commercial bank Bankhaus von der Heydt.
The upcoming deal represents an interesting and rare case of Europe’s largest traditional bank being bought out by a cryptocurrency investment firm. According to preliminary data, Bitcoin Group is ready to shell out about $19.6 million for Bankhaus von der Heydt.
The management of Bankhaus von der Heydt has repeatedly declared its readiness to support the introduction of cryptocurrency technologies in the banking sector. Since 2021, the bank has entered into cooperation with Fireblocks to provide its customers with a service for storing digital assets.
For the Bitcoin Group, which, through its ownership of 100% of the shares of Futurum Bank and 50% of the shares of Sineus Financial Services, controls the cryptocurrency trading platform Bitcoin.de, the successful completion of the transaction will strengthen its position in the EU market.
This is not the first attempt by crypto companies to take over Bankhaus von der Heydt. In January, cryptocurrency exchange BitMEX initiated a similar deal and expressed interest in buying a German bank. The parties were supposed to report the completion of the events in March. However, things did not go as expected, and the two organizations came to a mutual agreement to end the deal. Details of why the deal fell through in March were not disclosed.
Source: Bits
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