Monday, June 17, 2024

Bitcoin Group set to accumulate German’s oldest Financial institution for over $15M

by Jeremy

Crypto holding firm Bitcoin Group has moved to purchase one of many world’s oldest banks Bankhaus von der Heydt, for roughly $15 million.

Bankhaus von der Heydt was based in 1754 as a privately-owned financial institution providing conventional and digital property banking. It grew to become the primary financial institution in German to supply cryptocurrency buying and selling and custody companies for monetary establishments and asset managers.

Bitcoin Group introduced on Dec. 12 that it had signed a deal to accumulate the German-based digital financial institution. Bitcoin Group can pay about $15 million for 100% of Bankhaus’s 150,000 shares upon completion within the third quarter of 2023,

Within the subsequent part of the acquisition, the Bitcoin Group is to safe approval from Germany’s Federal Monetary Supervisory Authority (BaFin) for the banking license.

The takeover of Bankhaus will see the Bitcoin Group personal two banking licenses from Germany, following its earlier acquisition of the Futurm digital financial institution.

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