The crypto-verse has managed to veer into several industries across the globe. However, Bitcoin [BTC], the world’s first and largest cryptocurrency made its debut to address the shortcomings of traditional finance. Despite its capabilities, the asset was sidelined for the most part. Now, in a new turn of events, a crypto-based investment firm was looking to acquire a 268-year-old bank in Germany.
As per a recent report, Bitcoin Group SE was considering buying Bankhaus von der Heydt, a German bank that was set up in 1754. It was brought to light that the value of the sale was about $19.6 million or €20 million.
It should be noted that the bank has been trying to get acquired by multiple crypto firms for quite some time now. Back in March, BitMEX, the crypto-derivatives exchange was on the verge of purchasing the bank. However, things took a different turn as the exchange failed to garner a green signal from German financial regulator BaFin.
Acquisition activities surrounding the 268-year-old bank were still under review. The report pointed out that matters like regulations, finances as well as legalities were still being evaluated.
Has this German bank caught the Crypto bug?
As mentioned earlier, the entire globe has been embracing crypto. This included traditional financial institutes like banks as well. Just last year, the bank reportedly joined hands with Fireblocks in order to roll out crypto services to its clients. Therefore, the bank could be looking at diving into the crypto industry.
If Bitcoin Group SE manages to acquire the bank, it would be considered revolutionary.
Additionally, it should be noted that Bitcoin Group SE is one of the top ten public companies with significant Bitcoin portfolios. With a whopping 3,947 BTC, the firm has already invested in “Germany’s first crypto bank.” Its potential acquisition could be an added advantage.