Bitstamp – the European Union’s largest digital currency exchange by volume – has been acquired by a company linked to a South Korean gaming giant.
The Bitstamp acquisition was just announced in a post by Bitstamp CEO Nejc Kodrič on the exchange’s website.
“Bitstamp has been regularly approached by suitors for quite some time. 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,” said Kodrič.
“Bitstamp has come a long way since we started in a garage with two laptops and EUR 1000 seven years ago.
“We believe this acquisition is the logical next step in Bitstamp’s growth as a company and I look forward to the future with this team.”
ANNOUNCING: Bitstamp was acquired by Belgium-based investment company NXMH. Our team, leadership and vision all remain the same. We believe this is the logical next step on our mission to be the most trusted digital currency exchange on the market: https://t.co/UxjNpDeKNR pic.twitter.com/3MUoQtdXFn
— Bitstamp (@Bitstamp) October 29, 2018
Kodrič hasn’t revealed details about the acquisition but industry insiders believe the purchase price to be around US$400m.
The buyer is Belgium-based investment company, NXMH, a subsidary of NXC.
NXC is the largest shareholder of gaming giant Nexon, estimated to be worth US$11.5 billion.
It’s not NXC’s first foray into crypto exchanges.
In September, 2017, the company announced it had bought 65% of Korean crypto exchange, Korbit, for US$80m.
“NXC has been reviewing and investing in startups with digital idea and technology and this investment was made with our positive view on the growth cryptocurrency industry,” the company told TechCrunch at the time.
The Bitstamp acquisition will see Nejc Kodrič retain a 10 percent ownership interest in the exchange.
He will also continue as CEO.
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