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Is a $10 Billion Korean Gaming Company Looking to Acquire Crypto Exchange Bitstamp?

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Is a $10 Billion Korean Gaming Company Looking to Acquire Crypto Exchange Bitstamp?

Rumors are rife that the world’s oldest bitcoin exchange, Bitstamp, is up for grabs at a whopping $350 million price tag and $11 billion gaming giants, Nexon, are ready to ink a deal with the exchange at any moment.

Bitstamp for Sale

According to Finance Magnates, for several weeks rumors churned about the sale of the pioneer bitcoin and altcoin exchange, Bitstamp, to an anonymous Korean investor. Now, unnamed sources have revealed that the interested buyer of the multi-million dollar crypto exchange is the world-famous video game developer, Nexon.

Nexon is the maker of FIFA Online, Counter-Strike, and many others. The firm was established in Korea in December 1994 by Kim Jung Ju and Jake Song. Nexon is present in several countries and has nearly six thousand workers in its employ. The gaming behemoth joined the crypto bandwagon in September 2017, by purchasing a 65 percent stake in reputable South Korean exchange, Korbit in a deal worth nearly $80 million. Back then a spokesperson from NXC, the corporation with the most substantial stake in Nexon, told Techcrunch that:

“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.”

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Nexon Denies Bitstamp Interest

Per the Korea Herald, Nexon has refuted the rumors regarding the company’s interest in acquiring the Luxembourg-based crypto exchange. Speaking at a press conference organized by the firm to discuss his vision and direction for the firm, CEO of Nexon, Lee Jung-hun reiterated that:

“Nexon Korea does not have anything to do with a Bitstamp acquisition,” adding that “We do not have any plans to link cryptocurrencies with our game business.”

The Nexon chief also hinted that the company is not ruling out the integration of blockchain technology into its game development. Bitstamp is one of the very few exchanges that has been at the frontline of the crypto revolution. The exchange was Established in 2011 in Slovenia by Nejc Kodric, before moving to the UK and finally to Luxembourg where it successfully obtained its money transmitter institution license in 2016.

At press time Bitstamp is sitting comfortably at the number ten position on the crypto exchange table, with a total daily trading volume of $506.17 million. On February 19, 2018, BTCManager reported that Bitstamp had also inked a partnership deal with Onfido, a digital identity firm, to make it’s KYC process fast and frictionless amidst increasing demand.

The exchange is quite healthy, with no signs of crisis whatsoever and generates substantial returns every day, therefore, selling it might be a regrettable move in the long run.

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