South Korean gaming company to purchase Bitstamp

The world’s oldest bitcoin exchange Bitstamp is for sale. As per reports, South Korean’s gaming company claims to finalize the deal to purchase the exchange. According to few people, the price is estimated at $350 million. Bitstamp is the oldest bitcoin exchange and is the licensed exchange in Europe.

The deal is kept confidential and certain facts are not yet revealed. As per few people, Bitstamp is evolved in at least one other sale process that is prior to Nexon deal. A speaker for Nexon Japan claims that “We can neither confirm nor deny the facts about your inquiry.”

A mediator for Bitstamp says “I am not in the position to comment on the matter. We kindly ask you to keep an eye out for any official statement from our side on the topic of your inquiry.”

CEO’s comments

Bestowing to the CEO of Bitstamp, It is headquartered in Luxembourg. It was founded in the year 2011. Bitstamp 3 million registered accounts and 500, 000 active trading accounts. The licensed exchange platform Bitstamp is the 13th biggest in the world. It is 24-hour trade volume of $246 million as per Tuesday. The spot price of bitcoin on Bitstamp is measured to calculate the price of futures which is contracted by CME group.

Nexon Group was founded in 1995. It specializes in PC and mobile games. The firm develops games of Japanese versions like Counter-Strike. The Korean version is soccer game FIFA online. The company is listed on the Tokyo Stock Exchange with a market capitalization of ¥ 1.3 trillion.

Related news

The sale of Bitstamp is part of a flurry of dealmaking the cryptocurrency exchange space. Goldman Sachs supports cryptocurrency business Circle conquered Poloniex for $400 million in February. Previously, Monex online brokerage group purchased Japanese cryptocurrency exchange Coincheck.

According to Nikkei report, Japan is a core part of cryptocurrency trading. The 40% of bitcoin trading in 2017 was conducted in yen. Nejc Kodric, Bitstamp CEO says that the business had grown from a few dozen people at the start of last year to almost 200 staff as the exchange saw a surge in new sign-ups at the end of 2017.

Further Kodric adds the exchange was getting as many as 100,000 new sign-ups a day in December. He claims that Bitstamp “more than enough internal cash flow to sustain the growth of the company”.

Bitstamp’s capital

As per sources, Bitstamp embossed £7 million from Pantera Capital in the year 2013. At the beginning of the year 2017, Bitstamp raised £1.7 million through a crowdfunding campaign.

According to Bloomberg report, a South Korean regulator asserts that they are preparing to ban bitcoin trading in the country. It follows a crackdown on initial coin offerings in the year 2017. In February, the regulators softened their stance and signaled support for normal cryptocurrency trading.

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Image Source:- Bitstamp

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