Bitstamp To Be Acquired By A South Korean Gaming Company

Reports indicate that cryptocurrency exchange Bitstamp is to be sold to South Korean gaming company for $350 million.

According to three sources that are acquainted with the case, Bitstamp (the world’s oldest surviving Bitcoin exchange) is about to conclude a sale to Nexon, a South Korean gaming company that has its headquarters in Japan.

Founded in 2011 and its headquarters in Luxembourg, Bitstamp top the number spot of the world’s oldest existing exchange last year after China-based BTCC stopped operating following a ban on all cryptocurrency exchanges. The exchange’s daily trading volume is over $500 million taking the position of the world’s 10th largest exchange.

Releasing its first game in 1995, Nexon is valued at an estimated $13 billion and has developed a Korean and Japanese version of high-profile PC and mobile games including Counter-Strike and FIFA Online.

For the time being, Nexon and Bitstamp have not made any comment regarding the sale, however, it is reported that Nexon will be buying Bitstamp for $350 million, which is presently Europe’s only licensed cryptocurrency exchange.

If this rumor is right, Bitstamp will be sold for $50 million less than Circle is reported to pay for US cryptocurrency exchange Poloniex with it purchased in a $400 million deal earlier this year. This is a noteworthy news given that Bitstamp has usually being ranked higher than Poloniex in terms of daily trading volume and also has the banking connections need to offer fiat trading pairs compared to Poloniex.

Nonetheless, it is a significant profit for Bitstamp investors.

This, however, is not the first time for Nexon to purchase cryptocurrency exchanges.