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BY CNA Team - October 30, 2018

News 0

South Korean online games developer acquires Bitstamp exchange

Bitstamp acquired by South Korean online games developer NXC
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London-based crypto exchange Bitstamp has been acquired for an unknown sum in an all-cash deal by NXMH, a Brussels-based investment firm linked to NXC Corp, a South Korean developer of online games.

The announcement was made on Oct 29 by Bitstamp’s CEO, Nejc Kodrič, who told Reuters the acquisition was an “all-cash deal” but declined to disclose details of the deal.

“The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense,” he says in a statement on the exchange’s website.

Because NXC also owns a majority stake in the South Korean exchange Korbit, Kodrič assured customers that “Bitstamp remains Bitstamp” with “business as usual here”.

He anticipates that the acquisition, “a logical next step”, will strengthen the exchange’s positioning for growth and provide opportunities to better serve customers.

NXC bought 65% of Korbit for US$80mil in September 2017. Reuters quoted Kodrič as saying that Bitstamp was valued at US$60mil in 2016, from US$39mil in 2014.

The newswire says Bitstamp is the largest exchange in the European Union by volume, with turnover of US$100mil per day.

Image courtesy of Bitstamp website.





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