South Korean Gaming Firm Nexon May Buy Crypto Exchange Bitstamp

Major cryptocurrency exchange Bitstamp is in talks to be acquired by South Korean gaming giant Nexon, Business Insider reported, citing sources familiar with the matter. The sale price in negotiation of the oldest surviving bitcoin exchange is $350 million, reports said.

Bitstamp reportedly had been involved in at least one other sale process before the Nexon deal.

Luxumberg-based Bitstamp, which was originally formed in Slovenia by CEO Nejc Kodric in 2011, is considered as the first cryptocurrency exchange globally. In 2013, Bitstamp moved its registration to the UK, and later to Luxumberg in 2016.

According to Coinmarketcap, the exchange on April 24 held 500,000 trading accounts, with a 24-hour trading volume of $246 million.

In mid April, Bitstamp, along with other major cryptocurrency exchanges, was subjected to an inquiry by New York Attorney General Eric Schneiderman as part of the Governmental efforts to protect cryptocurrency investors and consumers.

For video game developer Nexon, the latest acquisition would expand its interests in the cryptocurrency space. Last year, Nexon, which has operations in in Japan and the US, bought a 65% stake in South Korean Bitcoin exchange Korbit for $80 million.

Consolidation is ongoing in the cryptocurrency exchange marketplace. In early April, Japanese cryptocurrency exchange Coincheck, which was hit by the largest-ever digital currency theft, agreed to be acquired by Japanese online brokerage Monex Group for 3.6 billion yen or about $34 million.

In February, Cryptocurrency startup Circle Internet Financial, backed by Goldman Sachs, acquired US-based digital asset exchange Poloniex for reported value of around $400 million.

by RTTNews Staff Writer

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