Bitcoin Group SE has signed a deal with Dietrich von Boetticher, the owner of German bank Bankhaus von der Heydt, to acquire 100% of the shares of the company.
According to the Bitcoin Group, the final closing of the transaction is still subject to approval by the German Federal Financial Supervisory Authority for the third quarter of next year.
The purchase price consists of a cash payment in the amount of €14m, which could be modified depending on developments in the equity of the target company, and 150,000 shares from a capital increase against contributions in kind of the company.
Bankhaus von der Heydt holds a full banking license and is one of the leading providers in Germany offering custody and tokenization of digital assets.
Galoy, which develops bitcoin-native banking software, previously raised $4m in funding to further its open source core bitcoin banking platform.
Galoy’s bitcoin-native banking software enabling organisations to plug into the Lightning Network and launch bitcoin banking services.
Hivemind Ventures led the investment round with participation from Valor Equity Partners, Timechain, El Zonte Capital, Kingsway Capital, Trammell Venture Partners, AlphaPoint and other leading Bitcoin investors.
The GaloyMoney open source core banking platform includes a secure backend API, mobile wallets, point of sale apps, an accounting ledger and administrative controls.
According to Galoy, the platform significantly reduces the development burden of building on the cryptocurrency.
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