Belgium-based investment company NXMH has acquired Bitstamp, one of Europe's largest crypto exchanges. NXC, the parent company of NXMH, also owns Korbit, a South Korean crypto platform, and the video game developer Nexon.
The transaction was carried out fully in cash, said the CEO of the exchange Nejc Kodrič. However, the amount of the transaction is unknown. As part of the deal, NXMH will receive an 80% stake in Bitstamp. Kodrič will retain a 10% stake and will remain the CEO. Pantera Capital Management LP, which in 2010 invested $10 million in the company, also sold part of its stake in Bitstamp to NXMH.
The head of Bitstamp also stressed that even now the platform makes the profit when the entire crypto market is in decline. True, the overall negative trend inevitably led to a reduction in trading volumes by 60-70%. At the moment, Bitstamp's daily turnover is $100 million, and the total number of registered users exceeds 3 million. The company also expressed confidence that the trading platform will be able to strengthen its position in the market.
The transaction will not affect the fundamental values of the project. Users were assured that the exchange will remain true to its ideals, will continue to innovate, ensuring a high level of user experience.
“It is business as usual here. We do anticipate that this acquisition will strengthen Bitstamp’s positioning for growth, which will provide opportunities to better serve our customers. Customers should not have any concerns about their accounts or changes to the way we operate,” said Nejc Kodrič.
Rumors that Nexon, which also owns NXC, may acquire Bitstamp for an amount of about $350 million appeared in April. Back then representatives of Bitstamp declined to comment on the proposed deal. And Nexon flatly refuted the plying rumors.
However, in July, talks of a potential deal resumed again. The media reported that NXC's corporate report confirms that Nexon and Bitstamp could have entered into a partnership.
It is worth noting that Bitstamp was not the first crypto exchange in the "package" of the NXC. A year ago, Nexon acquired a 65.19% stake in the South Korean cryptocurrency exchange Korbit. It was the first such deal to take over a cryptocurrency company in South Korea since 2013 when the first trading began in this country.
What is behind the Nexon motives is, however, unclear. The company mainly specializes in online games, and it can be assumed that it is considering the use of blockchain-tokens for one of its products.
Nexon is also actively interested in the blockchain. Nexon CEO Lee Joon-hoo has already stated that the company he leads does not rule out the use of distributed ledger technology in game development. And the head of the American branch of the company, Owen Mahone, called the blockchain a weapon to improve the gaming experience. People want to trust other participants in new games, and distributed register technology can help games gain a solid reputation, he explained.
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