Bitcoin Group SE has made a huge announcement, which is very positive for the entire cryptocurrency industry in Europe.
The operator of bitcoin.de, a cryptocurrency trading platform in Germany, has announced that it has acquired Bankhaus von der Heydt.
It is a Germany-based bank and Bitcoin Group SE has acquired 100% shares of the entity. The best part about the announcement is that the entity acquired has a full banking license.
Bankhaus had gained quite a popularity in Germany for being the provider of tokenized and digital asset custody services.
Bitcoin Group SE made the acquisition announcement on December 12, revealing full details about the entire process.
The company has revealed that they had proposed to pay a whopping amount of €14 million to the owner of the bank, Dietrich von Boetticher.
Apart from the monetary payment, they added 150,000 shares for Boetticher in the proposal. With the owner’s approval, they will be proceeding with the acquisition.
The Bitcoin Group SE officials confirmed that they have already submitted a request to the BaFin, which is the financial supervisory authority in Germany.
They will confirm whether the company can proceed with the acquisition of the banking firm or not. They have high hopes that the regulator will approve their request because there is no reason to say no.
The authority has revealed that the request is still pending with the BaFin and with their approval, they will expedite the acquisition process.
They are aiming to finalize the deal by the end of the third quarter in 2023. While they complete the deal, they will continue utilizing the license of the banking firm to expand their crypto custody business.
Initial Announcement by Bitcoin Group
It was in October when the officials at the Bitcoin Group SE announced that they were strongly considering the acquisition of Bankhaus.
By the end of the same month, they confirmed that they had launched their negotiations with the banking firm for the acquisition.
Fast-forward two months, the company has already acquired the licensed banking entity. The bank owner’s mission was also to offer cryptocurrency trading and custody services to the German locals.
Together with Bitcoin Group SE, he will be able to achieve his goal while he has 150,000 shares of the company. He is confident that the company will grow and the crypto business will thrive in Germany.
He added that he himself wanted to increase the profitability of his firm but was not able to achieve it. The only thing stopping him from achieving his goal was the lack of finances.
He wanted to use the technology but the finances he had were not enough. With Bitcoin Group SE entering the same segment, things will return to profitability.
The Bank Launched a Stablecoin
Although the owner was not able to do much about offering a variety of cryptocurrencies to the locals he was able to come up with a stablecoin.
It was in the year 2020 when the particular bank managed to launch a stablecoin “EURB” that was pegged to the euro. However, as the banking firm was not KYC-regulated, it could not offer the token.
Bitcoin Group’s First All-Out Banking Acquisition
This is the first time Bitcoin Group SE has fully acquired a banking institution in Germany. In the past, the company was able to acquire portions of stakes in the banking firms.
It was in 2018 when the Bitcoin Group SE was able to acquire the futurum bank as a result of a merger. This means that the management of both companies keeps operating and the ownership is also split.
According to the teams at Bitcoin Group SE, they will be using their newly acquired bank to expand the crypto industry in Germany. They will be introducing the existing and new tokens for country-wide adoption.
Germany is also changing its stance towards cryptocurrencies so there is a high chance Bitcoin Group’s step will prove profitable.