• 18 June, 2024
News

Banks Won’t Buy Bitcoin, So Bitcoin Buys Bank For More Than $15M

A holding company specializing in the blockchain and cryptocurrency sectors called Bitcoin Group announced that it has reached an agreement to purchase the whole of Germany’s Bankhaus von der Heydt for a total of $15 million in cash and 150,000 shares which is 100% of the bank’s shares.

The merger will result in Bitcoin Group SE and Bankhaus von der Heydt, two of the pioneers in the cryptocurrency industry, working together in the future. The goal of this endeavor is to integrate the benefits of blockchain technology into the banking and capital market infrastructures in such a way that it is possible to provide all banking, securities, and cryptocurrency trading services from a single source in a manner that is both comprehensively regulated and legally secure while simultaneously maintaining complete autonomy.

By acquiring Bankhaus von der Heydt, the company is merging a typical crypto-related bank with one of Germany’s oldest cryptocurrency trading platforms. As a result of this combination, the company will be able to function totally independently of any third parties in the near future.

It also presents Bitcoin Group with the possibility to broaden the scope of its business operations beyond the already established activities in the areas of trading stocks and trading cryptocurrencies, as well as the custody of digital assets.

According to Marco Bodewein, the Chief Executive Officer of Bitcoin Group, the purchase of Bankhaus von der Heydt is an important move that will assist Bitcoin Group to consolidate and strengthen its market position as one of the top European cryptocurrency trading platforms. This is especially true in an environment in which there is increased regulation in the area of cryptocurrencies.

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