Bitstamp to be sold to Nexon for $350 Million

#Bitstamp | #Nexon

A gaming company Nexon is being speculated to be on the move to acquire Bitstamp, a cryptocurrency exchange based in Luxembourg.

Bitstamp will reportedly be acquired by a the South Korean gaming company.

Business Insider reports that the world’s oldest surviving bitcoin exchange is close to finalizing a sale to the South Korean gaming company, headquartered in Japan.

Bitstamp, which was founded in 2011 is owned by Damijan Merlak, and Nejc Kodričand.

Kodričand has been its CEO since August 2011.

The bitcoin exchange company assumed the status of the world’s oldest-surviving exchange in 2017 when China-based BTCC closed shops after the country banned cryptocurrency trading platforms.

Nexon, which released its first game in 1995, is said to worth approximately $13 billion and popular for developing Korean and Japanese version of high-profile PC and mobile games: Counter Strike and FIFA Online.

None of the company has reacted to the latest bitstamp acquisition news, however, Nexon is rumored ready to drop $350million on Bitstamp table.

Bitstamp is currently Europe’s only licensed cryptocurrency exchange.

“If true, Bitstamp will be sold for $50 million less than Circle is said to have paid for US cryptocurrency exchange Poloniex, which it acquired earlier this year in a deal reportedly worth $400 million.

“That’s notable, particularly since Bitstamp regularly ranks above Poloniex in daily trading volume and also has the banking relationships necessary to offer fiat trading pairs, unlike Poloniex,” ccn writes.

Nevertheless, it will undoubtedly provide an excellent return on investment for Bitstamp’s investors. In 2013, cryptocurrency hedge fund Pantera Capital provided the platform with $10 million in seed funding, while the company later raised $2.4 million through a crowdfunding campaign in early 2017.

Bitstamp acquisition, if officially confirmed, will be Nexon’s second cryptocurrency exchange acquisition, as it bought a controlling stake in South Korean cryptocurrency exchange Korbit last September at a $150 million valuation.

At the time, Korbit was South Korea’s second-largest exchange, and the platform continues to post daily trading volumes of approximately $100 million.

Official statements from both companies are expected in the days ahead, we will keep you updated.

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