Bitstamp, the largest exchange in Europe got acquired by a subsidiary of the Korean gaming development firm Nexon for a rumored $400 Million in an all-cash deal.
The Luxembourg based exchange is being acquired by NXMH, a Belgium-based investment firm. NXHM is a subsidiary of NXC which is a $10 Billion game development firm based out of South Korea. With 2 Billion Euros under management, investment firm also owns Korbit, a South Korean Crypto Exchange.
Bitstamp is one of the earliest Crypto exchanges started by Neju from his basement with just 1000 Euros. The company had raised a total of $14 Million from prominent investors like Pantera Capital. Neju says that it was the right time for an acquisition as he shares his vision with the investors.
Nejc Kodrič, CEO of Bitstamp said in a Press Release:
“Bitstamp has been regularly approached by suitors for quite some time. The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense. A major factor in agreeing to the sale is that the mission, leadership and vision of the company remains the same.”
The founder, however, assures that the operations of will resume with no change, with the focus on user experience, trading experience, and customer support. Neju still owns a 10% stake in the company.